All Forum Posts by: Gene Mitchell

you can make it work, but the LLC in your IRA has to be the one to purchase the house first. It cannot purchase a house from you. Be very careful that you don't do a prohibited transaction. Also, if your LLC owns a house for less than one year it will be considered a flip and you will have non passive income which will be taxed.

thanks adam, appreciate you speaking with your customer service folks. I thought I explained myself pretty clearly to the rep, but maybe there was some miscommunication. good to know that I can file the 1099s.

Gene 

thank you for the timely replies! Your explanations certainly make more sense than the information I was given by my custodian! I will check with the legal firm that originally set up my LLC ira. Unfortunately, they ( Guident) were bought out by idirectlaw so I may have to find the original attorneys and ask this question. Idirectlaw said I needed to file it as a disregarded entity, which I don't think I should have to do, as it was set up as an ira in the beginning.

I have a self directed "checkbook" LLC IRA. The LLC has a bank savings/checking account as well as a brokerage account to hold funds until they are needed for an alternative investment. The LLC received a 1099-int from the bank as well as a 1099-DIV from the brokerage. According to the custodian, Provident Trust, these 1099s must be addressed on my personal tax return, even though they are for the LLC IRA and no tax would be due. Does anyone know how to do this? TurboTax is no help, and the IRS hotline rep was also no help.