Real Estate Investments/Paying Expenses
I recently acquired a single family home in Florida with rollover IRA funds and hired a property manager to take care of the property. The manager would like to collect the rent, deposit it in his corporate account, pay expenses and then direct deposit the net proceeds in my IRA account via wire transfer every month. Will this satisfy the IRS requirement that all expenses be paid out of the IRA?
Permalink Submitted by Alan - IRA critic on Wed, 2014-01-15 17:27
Probably, if all rent and expenses paid are well documented. You should check with the self directed IRA Custodian on this as they would be most aware of IRS accounting requirements and documentation.