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Updated almost 5 years ago,
Disbursement from SDIRA
Hi-
We have an inherited SDIRA which owns a property. (we converted it to a SDIRA upon death and the SDIRA purchased the property) Since it's inherited, we are required to take RMD's. We want to take a 20% ownership this year instead of taking cash as the disbursement. (we took a cash disbursement last year - only about $3500) The goal is to take percentage distributions of the property each year over the next 3-4 yrs in order to have full (private) ownership at the end.
I'm running in to a *boatload* of conflicting information on how to do this. We've already gotten the appraisal, already filed the necessary paperwork with the custodian (less than helpful since it's a "checkbook control" account)
Our problem is finding the right way to do the title paperwork. We've contacted a title company and they say we need a ton more paperwork from the custodian - custodian insists that they've given us all the necessary paperwork already. Title company also says they have to follow their own process (which I get) that include the title search and title insurance - but we already know that's 100% solid because we just did that less than 2 years ago when the SDIRA purchased the property. So title company suggested that maybe a real estate attorney could do some simple paperwork for the the deed showing the SDIRA is "selling" 20% and the new deed would read "xyz-LLC" 80% owner and "XYZ" (private person) 20% owner.
Any ideas/previous experience/guidance/suggestions? Property is in Indiana if anyone is going to recommend an actual contact.
Thanks for reading.