Year end filling for SDRA
My accountant said:
"Yes we can help you prepare the form. Since you are just purchasing the
properties, you can probably use the closing docs that you have for each one
closed in 2017. If you would like to upload those into the portal I can
review them. You'll also want your latest statement from XXX so that we
can tie out the disbursements against the investments. This will allow the
IRS to obtain the FMV of your account and see if there is an increase or decrease in your IRA value at the end of 2017."
Sounds okay, Right?
This is what I just got from him:
"The FMV form would actually come from your Realtor/Property Manager. We are
not able to assign a FMV because we don't know if the property has gone up
or down in "market" value. We know what the "book" value is, however that
is not what they are looking for."
Okay, I know I need a new accountant, but can anyone give me guidance on how to get a Fair Market Evaluation form filled out and submitted to my SDIRA custodian before the SDIRA custodian drops me and I have to pay taxes on the whole amount? I have properties on Indianapolis, Jacksonville Florida, and Detroit.
I have contacted my property managers and they haven't got back to me yet. I also sent the CPA a copy of his original letter, so I am not sure I even have a CPA for this tax round.
Thanks,
Sam