Self directed Ira CPA

12 Replies

I’m Reaching out to the CT community to see if anyone has an accountant fluent In self directed Ira’s??

What would you like to know? This is a very specialized area of practice. 

I don't know how fluent he is in this aspect of tax strategy, but @Vlad K. is located in Glastonbury and he is my guy for all things tax related. 

I can answer questions for you here.  I am not in Connecticut, but I do prepare returns for these entities.

You'll need to be in touch with a custodian that holds the funds. I've spoke to the Advanta IRA and they seem pretty good and knowledgable. Also Equity Trust. Key thing with SDIRAs is that you can't actively manage the money. You can invest in real estate, but you need to do so as a Limited Partner. Lots of rules, so talk to a good custodian.

Thanks for all the input and suggestions everyone.

I know of a few of CPA's that do this. You can private message me for details.

Hopefully @Rob Glissman doesn't mind if I hijack this thread! @Steven Hamilton II & @Linda Weygant both offered to answer questions. So newbie questions. I keep seeing bits and pieces about self directed IRAs but I can't say that I have actually found the meat of how to leverage that to purchase property. So between my wife and I we have both traditional IRA's and Roth IRA's, the main one being a traditional that is from a 401(k) rollover from my wife's previous job.

Once that is transferred to a proper custodian how can we use that to purchase properties? 

Can those funds be used for a down payment on a mortgage in our name?

Does it have to cover the full purchase price?

Some direction would be great! Thank you.

@Ronnie Howard ,

First, you have a select a self-directed custodian, move your old IRA over, then find the property and make an offer. The offer will be made in the name of the custodian FBO Your Name, IRA #XXXXXX (or something similar). If you wish to finance the purchase - you must use non-recourse loan (conventional financing won't work since you are not allowed to provide a personal guarantee). Here is a list of lender offering such loans:

The topic of Self-Directed IRA has been discussed on this forum many times, at length. Just do some search for related keywords and the results will keep you busy reading for hours...

Good luck! 

Originally posted by @Rob Glissman :
I’m Reaching out to the CT community to see if anyone has an accountant fluent In self directed Ira’s??

 Try @Michael Plaks , he know his stuff

Linda weygant

I called your office I have a self directed ira question about 990t form.  Your secretary was super nice. She made an appointment for tomorrow and she said that you would take a few minutes and see if you can help me. I got a reminder email requesting $150 for the appointment, I under your time is valuable but what your conversation was no use to me.  Is this your specialty?

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