All Forum Posts by: Wayne C.

@Dmitriy Fomichenko, to clarify again, I would not be moving funds from a Checkbook IRA to another IRA. I don't have checkbook control, I have a custodian controlled SDIRA, so the custodian would send the funds to my TD Ameritrade IRA. Are you seeing a problem with that?

@Kaaren Hall, I don't have a Checkbook IRA, so there is no bank account that is controlled by me..it is custodial controlled. I have asked some preliminary questions about them transferring funds to my TD Ameritrade IRA, and a partial termination fee was not mentioned. They do have a minimum balance of $500 that must be maintained in the custodial bank account.

@Jeremy Buckley, I'm new to a SDIRA, and I'm in the same situation. My SDIRA custodian uses Capital One to hold funds and the account is non-interest earning as well, which I suspect is typical for most, if not all SDIRA custodians. The property I'm invested in will start monthly distributions after the first quarter of 2023, and even though distributions will only be approx $500/ month, I don't want them to accumulate and not be growing. I still have an IRA at TD Ameritrade, so my solution will be to have the SDIRA custodian transfer the funds to my TDA account, where I will choose to invest in something that grows. However, I don't want to have to manually facilitate the transfer every month with the custodian...I don't have checkbook control. I chose my particular custodian without checkbook control because of lower setup fees, didn't want to deal with LLC annual reporting, and I didn't intend to have frequent transactions. Obviously, I didn't think about the distributions. I haven't nailed down details yet, but I think I can automate the transfer of distributions to my TDA IRA if I transfer the exact same amount every month. Another thing you have to consider are wire transfer fees, which is one reason I chose the custodian I did...they don't charge any fee for wire transfers. What I learned from this first property investment in my SDIRA is this: I wanted a one-and-done investment that provided a decent return and grew my money, not trying to hit a home run...so my second investment was a real estate income fund that provides short term real estate bridge loans. I invested a lump sum, the fund has monthly distributions that are reinvested for monthly compounding, and the fund does not use leverage, so UBIT is not a factor.

@Victor S. can you explain wtf your comment means??

You're literally asking for advice on how best to get away with breaking the law. Do you not realize that?

@Joe Vesey, it would be helpful to know more than just your name. What is that model?