All Forum Posts by: Nathan Farkash

Hi, I am based in MA but about to buy rental property in NY. If I were to form LLC to purchase this property, should I be filing in NY or MA? I will not be conducting any business in MA just collecting checks as I will have a property manager managing the property in NY. New to this so trying to understand everything. Thanks!

Hi,

I am about to purchase a rental property in Utica New York and am looking for a reliable property manager in that area. Please let me know if you have any recommendations.

Quote from @Chris Seveney:

Quote from @Nathan Farkash:

I have a signed lease that will be making future payments but has not started paying yet. This lease is under my name so it will be taxed as income every time there is a payment. I am wondering how I would be able to transfer this lease into a self-directed IRA so that I am not taxed on these payments. I am wondering if I could just transfer the lease over to my self-directed IRA since it has not made any payments yet but am not sure if this would still fall under self-dealing. I also have trusted friends with SDIRAs so am wondering if I could transfer the lease over to their SDIRA and purchase it back. If anyone has any insights or suggestions that would be greatly appreciated!

 I am having a lot of trouble following this.

1. Who owns the property? If the SDIRA owns the property then they would collect the lease. If you own the property and not the SDIRA you cannot have the SDIRA collecting the money as that is a prohibited transaction

2. Is this lease for residential property?

Please clarify

Hi Chris,

Thanks for the response and sorry for the confusion. I own the property not my SDIRA. This is a lease from a developer to use my land for the next 20 years. I understand that I am not allowed to transfer the land to the SDIRA but wondering if there are any workarounds.

Thank you

I have a signed lease that will be making future payments but has not started paying yet. This lease is under my name so it will be taxed as income every time there is a payment. I am wondering how I would be able to transfer this lease into a self-directed IRA so that I am not taxed on these payments. I am wondering if I could just transfer the lease over to my self-directed IRA since it has not made any payments yet but am not sure if this would still fall under self-dealing. I also have trusted friends with SDIRAs so am wondering if I could transfer the lease over to their SDIRA and purchase it back. If anyone has any insights or suggestions that would be greatly appreciated!