All Forum Posts by: Robert Burns

What's the best way to handle prohibited transactions in an IRA, ie, mistakenly taking monthly lease payments and claiming as income and paying taxes on that income.

What should I do to resolve past prohibited transactions as I have become aware there are some potential tax consequences for doing this?

I pray Will is correct and I can get some relief for the high tax rate.  I made a stupid decision to personally take the lease payments!

Dimitriy,  Thanks, I can have the tenant start sending the payments to Entrust and I'm meeting with my CPA next week.  I also sent an email to the Entrust administrator to get their suggestions on what to do.  How much tax do you think I will have to pay?

Is there a tax penalty?

Steven, thanks for the input.  How do I remedy this situation if I engaged in prohibited transactions?

I'm 70.5 years old.

Expenses?

I need some input on self directed IRA's. If I bought a mobile home or other property with the IRA and collected the lease payments from a lease purchase agreement and paid the federal and state taxes would that constitute a prohibitive transaction? If so what additional tax penalty might I incur?

I need some input regarding a Self Directed IRA. If I bought a mobile home or other property through that IRA and collected the lease payments from a lease purchase agreement and paid the federal and state taxes would that constitute a prohibitive transaction? And if that constitutes a prohibitive transaction are there additional taxes I would need to pay. I would appreciate any feedback.

Thanks for the excellent feedback!