All Forum Posts by: Greg Kehoe

The self directed IRA with the trust company has been rolled over and returned to us as a normal distribution. No matter what we submit today as a revised appraisal of the property, the custodian refuses to amend and re-send a revised 1099.

Only the list value of the adjacent property was higher in November then what is closed and sold for at the end of December. It was the basis for our valuation to make the distribution and roll over. What is exactly meant by the expression' Did the IRA custodian (Trust Company in this case) issue an assignment for the in-kind distribution'.

In both of our names they issue a document noting what our property roll-over would be based on the

listing valuation of the adjacent property..............as that's what we used as the best and most recent valuation of our

property.

Over 10 years ago, my wife and I rolled over some funds we had in our IRA's to purchase a piece of property under a self directed

IRA administered by a trust company. in the Fall, 2017 I turned 70 and decided to roll the property out of Trust IRA as the

fees for the trust company to administer the funds plus pay taxes on the RMD distribution was just too burdensome.  To meet the

transfer requirements of the trust company, we had to have a notarized appraisal of our property completed by the third week of

November. As the adjoining property was up for sale at that time (and it's a clone of our property in every aspect) we decided to use that

listing value of that property as the basis for our appraised value. Later in December that property sold and closed before year end for

$35,000 less than their list price. In January the trust company forwarded our 1099 with the higher list value and we asked that it be

amended to reflect the lower selling price. They have refused to amend this 1099. Is there anything we can do in terms of challenging this 

1099 as we prepare our 2017 Federal taxes?