All Forum Posts by: Naresh Hanchate

Naresh,

Do you already have an IRA LLC or just considering setting one up? If you have one setup already and you don't know the answer to the question you asked - whoever helped you set this up did horrible job educating you on how to use it. This is very basic question that every self-directed IRA investor must know - no transaction is allowed for an IRA with "disqualified person". 

Another inaccuracy in your statement is when you said "my wife and I have $280K in our IRA". The is no such thing as "our IRA". The IRA is either yours or your wife's. Or you might have "our IRAs" (one of you and separate one for your wife). IRA = individual retirement account. All IRA are 'individual'. If each of you have a separate IRA - you can't combine them into single self-directed IRA, you must setup two separate self-directed IRA, one for you and one for your wife. The only instance when you can combine your IRA with your spouses's IRA is when your spouse passes away and you inherit IRA from your spouse. Inherited IRA from a spouse can be rolled over into your personal IRA, other than that there is no way to combine spousal IRAs into one. It is possible however to invest two separate IRAs into one LLC and then make a single investment with that, however does come with it's own complexity and may or may not make sense for you, so be sure to seek guidance of an experienced professional if that is what you wish to do.

Hope this helps.