Comments on: Hot Topic – Checkbook Control / IRA LLC

By: Steve Saunders

Steve Saunders — Thu, 11 Aug 2011 23:13:39 +0000

HI Jeff,

Would you be interested in being a guest on one of our weekly educational real estate webinars discussing the use of a self directed IRA to buy real estate? As you know this is a hot topic and looking for experts to discuss with us and our clients.

Thanks,

Steve Saunders
Silver Stream Advisors
http://www.slvrstream.com
801-352-4052

By: Rich Brenner

Rich Brenner — Sun, 05 Jun 2011 03:49:15 +0000

I am considering setting up a checkbook IRA to buy tax liens in Florida. Based on my age, I receive minmum disrtibutions based on the value of the IRA as of 12/31 the previous year. Would I determine the value based on amount paid for the certificates plus the accurred interest as of 12/31? Who would issue the check for the distribution? Would I report to the IRS the total value of the IRA each year?

If it were property, how do you determine the market value of the property each Dec? Property values are rather subjective. The IRS could challenge the value I assume saying you are trying reduce your min distribution by too low a valuation of the property.

Thanks.

By: Jeff Nabers

Jeff Nabers — Fri, 28 Jan 2011 00:06:51 +0000

What you described is do-able. I wrote about it here:

http://iraaa.org/learnmore/viewarticle.aspx?aid=17

– Jeff

By: Jeff Nabers

Jeff Nabers — Fri, 28 Jan 2011 00:04:58 +0000

@Jim H,

Your experience is pretty typical of our competitors. We/Nabers Group (www.nabers.com) have the most experience with self-trustee 401k plans and IRA LLCs.

Even though you aren’t our client (tsk tsk) head over to our community where you can probably find a little bit of info on explaining things to your banker >>> http://community.nabers.com.

– Jeff

P.S. If you want to see what the process could have been like with us, check out http://www.unlimited401k.com/tutorials to see how the bank account is automatically setup with our system