Self Directed Checkbook IRA

[Cathleen Ohannigan]

I have an IRA LLC with a property in it. I have two questions:

1. I also do hard money loans. Do I use the same checking account LLC for hard money loans or get a new LLC or just keep the money in self directed IR and loan from there?

2. I need more money in my LLC checking account. Could I have the self directed iRA deposit money in it? They are saying they can't and I think they are wrong.

[Keith Thompson]

@Cathleen Ohannigan - I also have an SDIRA/LLC with checkbook control. I LOVE THIS VEHICLE!

I do everything out of the same account. Ability for additional funding should have been addressed in your LLC Operating Agreement. It's my understanding that, unless the OA permits additional funding, it isn't allowed, though amendment of the OA would solve that. My OA specifically permits it.

If you don't already have this book, I suggest consider getting it: "The Self Directed IRA Handbook". It's an incredible reference book on SDIRA/LLCs. I consult with the author when I am uncertain of moving forward. I thought I blew up my SDIRA in one simple LLC action, there was an easy remedy. These are powerful, but delicate beasts that can save us from taxes, or trigger immediate massive tax liabilities.