Self Directed IRA

[Devin Basile]

Hello. I am looking to purchase land and potentially rental property using a self directed IRA. I am looking to establish an understanding of the following so that I can make decisions on how to structure the LLC":

- Can I put a property under contract in my non IRA LLC then assign it to my IRA LLC?

- Which custodians do you use? Which are the best for giving control to the investor to make decisions and 

- How do I set up an LLC in which my IRA is the beneficiary?

- What does your RE attorney and tax preparer need to know before you purchase a property in a SDIRA's LLC?

- How can I transfer funds from a traditional brokered IRA account to the SDIRA account?

[Brett Synicky]

@Devin Basile Current LLC's should not be part of this. What's the nature of that LLC, what's it used for currently? For the IRA LLC it's a special purpose LLC that's created to be designed by the IRA. This is the Checkbook control style LLC. You can learn more here: IRA LLC

You are a disqualified party to your retirement account so you cannot transfer any assets you personally own or a company of yours owns into your retirement account.  

Learn more here:  Disqualified Parties and Prohibited Transactions

IRA can transfer to SDIRA just like any other IRA to IRA transfer, this is not a taxable/penalty event.