Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago,

User Stats

119
Posts
78
Votes
Shawn York
  • Rental Property Investor
  • Johnstown, CO
78
Votes |
119
Posts

Disbursement from SDIRA

Shawn York
  • Rental Property Investor
  • Johnstown, CO
Posted

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.

Loading replies...