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All Forum Posts by: Scott Smith

Scott Smith has started 11 posts and replied 20 times.

Post: Owner occ tax rules/ disabled parent

Scott SmithPosted
  • Investor
  • Salem, OR
  • Posts 20
  • Votes 1

Hi Folks - Alright, here's the context:  myself and family are building a spec home.  Selling our current residence now.  Moving into our rental property while our future residence is being built. Expect to be there for a year. Grandma who is certified disabled/dependent lives in a house we own.  I'm considering selling her residence in a year, and moving her to the rental once we're out.


1st: Disabled parent has been in her home for ten years, the sale of that is tax free/owner occ correct? (Deed is in my wife's name)

2: If that is true, we want to sell her current residence, move her into the rental when we move out. (Roughly year from now)

3:  If I reside in the rental for a year, then disabled parent resides there for a year, is that the required 2 years of owner occupancy?  Or is it 2 years per party?


Thank you in advance, the expertise is appreciated.

Post: Dispersing of IRA/LLC?

Scott SmithPosted
  • Investor
  • Salem, OR
  • Posts 20
  • Votes 1

@Brian Eastman @Carl Fischer - Ok, excellent, thank you. The property is the only the asset in the LLC, and I did a valuation.... I appreciate you're time, and that fills in some gaps for me.

Post: Dispersing of IRA/LLC?

Scott SmithPosted
  • Investor
  • Salem, OR
  • Posts 20
  • Votes 1

@Carl Fischer  @Brian Eastman , Sorry - that should have said 'distribution', no dispersement.

Post: Dispersing of IRA/LLC?

Scott SmithPosted
  • Investor
  • Salem, OR
  • Posts 20
  • Votes 1

If I wanted to disperse an IRA/LLC that had real estate, and a small non-recourse loan attached to said real estate, is there any pitfalls to be aware of? I'm assuming there are lender specific rules which I'll explore, I'm wondering though if there is anyone with experience doing this, and if there's any issues to forecast/and ways to navigate them. Thank you in advance.

Thank you Brian!

When having a self-directed IRA LLC valuation completed, is paying for such a valuation OK to pay through the LLC, or is this a transaction needing paid through a personal account? I believe I know this answer, but better safe than sorry. Thanks in advance.

Post: Self/Dir IRA, Extra cash stockpile into stocks?

Scott SmithPosted
  • Investor
  • Salem, OR
  • Posts 20
  • Votes 1
Perfect, thank you both! I was hoping that's what you would say. I do have checkbook control, so that makes perfect sense. I appreciate your time.

Post: Self/Dir IRA, Extra cash stockpile into stocks?

Scott SmithPosted
  • Investor
  • Salem, OR
  • Posts 20
  • Votes 1
If your rental is up and running, you have a safety net you're comfortable with, but don't want a bolus of money sitting unused, is it possible to put the funds into a brokerage that would allow the purchase of stocks, mutual funds, or something similar? All while staying in the same IRA of course. Anyone have experience with this?

Post: rent reduction to reimburse tenants?

Scott SmithPosted
  • Investor
  • Salem, OR
  • Posts 20
  • Votes 1

That's great advice - I was looking at it purely from the compliance perspective regarding IRA rules, but bigger picture you are right. I'll take that advice.

Thank you!

Post: rent reduction to reimburse tenants?

Scott SmithPosted
  • Investor
  • Salem, OR
  • Posts 20
  • Votes 1

Hello - A tenant in a property within my IRA/LLC is going to purchase a garage door opener to replace a failed one. 50 bucks. Can I let that transpire, and reduce that cost from her rent? Seems fine but I want to check.

Thanks for the help.

Scott