Legitimate/legal LLC expenses for self directed IRA

[Keith Chapman]

I just set up my LLC that manages my self directed IRA. What expenses are considered legal to expense out of this entity? My custodian seems conservative. Would travel to look at investments be legitimate? My custodian states it's only the investment, but obviously there are things that go along with that like bank fees, office supplies, checks. Just seeing how liberal I could be. Someone once told me I could pay myself a management fee and he said no. I am planning on paying my CPA out of it. Thanks for any help!

[Linda Weygant]

I'll leave it to the experts for specific advice, but I will just comment that your checkbook LLC for your IRA is NOT the place where you want to try to be liberal. Conservatism in your actions (not necessarily the investments you choose) is key here. The IRS does NOT offer forgiveness if you misstep and the last thing you want is to have your entire account nullified and distributed to you all in one year.