Self Directed IRA
The taxpayer formed a self directed IRA. He formed a partnership with his own IRA owning 90% and another individual owning 10%. The partnership purchased a mortgage on a residence that was in foreclosure. After two years, the partnership foreclosed on the note and now owns the deed to the property. The taxpayer prefers to buy out his IRA as a partner and is willing to pay a fair price so that he may move forward as the owner. Obviously he wants to avoid a prohibitive transaction. Is the only way to remove the IRA as a partner is to sell the property?
Permalink Submitted by Alan - IRA critic on Fri, 2019-04-26 02:12
The taxpayer should work closely with his self directed IRA custodian on questions such as this, as they deal with these issues 24-7.
Permalink Submitted by Peter Hall on Sat, 2019-04-27 11:51
His custodian, as with most self directed IRA custodians, does not give individual advice.