Checkbook IRA (aka IRA-owned LLC) is not a DIY project. You should hire a CPA, an attorney or a specialty company specializing in this kind of setup to ensure that what you are doing is IRS-compliant. One mistake will screw up your entire IRA so make sure you are using a professional.
4. The Operating Agreement must contain language sufficient to address IRA-related issues concerning Prohibited Transactions (26 USC 4975), The Plan Asset Rules, the allowance of subsequent or additional Capital Contributions and Unrelated Business Income Tax (including language that ensures that the Manager of the LLC will prepare and file all necessary tax forms with the appropriate taxing authorities, Federal, State and local).
Checkbook IRA (aka IRA-owned LLC) is not a DIY project. You should hire a CPA, an attorney or a specialty company specializing in this kind of setup to ensure that what you are doing is IRS-compliant. One mistake will screw up your entire IRA so make sure you are using a professional.
Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
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@George Genovezos
It is standard for those types of items to be addressed in the IRA LLC operating agreement. The IRA LLC facilitator that you hire will provide such important language in the IRA LLC operating agreement.