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A Wave of Zoning Law Changes Could Have Huge Impacts for Investors and Housing—Here’s What You Need to Know
The U.S. is facing a housing deficit of about 3.2 million units, and the situation is especially dire in urban areas like New York. It’s one of the reasons prospective homebuyers are finding […]
Do You Think It’s a Tough Time to Invest? It’s Not When You Can Get Deals Like This
Are you sitting on the sidelines in this market? Many investors are. There’s a lot of fear and caution. But we’re not. And you don’t need to be, either.  Of […]
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Tax, SDIRAs & Cost Segregation
HomeForumsTax, SDIRAs & Cost SegregationSDIRA checkbook status and credit card
James Sullivan's profile image
James Sullivan's profile image
James Sullivan
  • Investor
  • from Birmingham, Alabama
  • Member since Aug 5, 2012
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James Sullivan's profile image
James Sullivan's profile image
James Sullivan
  • Investor
  • from Birmingham, Alabama
  • Member since Aug 5, 2012
Connect
James Sullivan
  • Investor
  • Birmingham, AL
2
Votes |
30
Posts
Tax, SDIRAs & Cost Segregation

SDIRA checkbook status and credit card

James Sullivan
  • Investor
  • Birmingham, AL
Posted Jan 28 2015, 12:27

I have recently went through the process of setting up my SDIRA with checkbook status. The bank that is housing the LLC insisted that I have a credit card. Is it a prohibited transaction to use the LLC credit card to pay contractors to do work on the property or as a down payment to purchase a property?

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