Self directed Ira CPA

17 Replies

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. 

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.

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:

https://www.biggerpockets.com/blogs/2810/50272-lis...

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! 

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?

@Rob Glissman - did you find someone to answer your questions? I am looking for someone to ask some questions to and would love any feedback you have. I do not need someone to give me the basics of a self directed IRA, but need to know some of the tax consequences of specific transactions within the IRA, so need someone who really understands all of the rules. Willing to pay them for their time.

Originally posted by @Eric Hrlbock :

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?

Hi Eric,

I'm just now seeing this reply since the tagging on your post didn't come through properly.

I'm not sure who you called and talked to, but it wasn't my firm.  I don't have a secretary, nor do I charge for an initial consultation appointment.

Yes, Self directed IRAs are my specialty.  I feel bad that you tried to reach out to me but we didn't connect.  Hopefully you got what you were looking for.

Linda