Limited partnership in an IRA
I have a client with a [b]None[/b] traded Limited Partnership in an IRA. If the client uses that asset to satisfy his RMD what are the rules for determining the assets value?
Thanks
I have a client with a [b]None[/b] traded Limited Partnership in an IRA. If the client uses that asset to satisfy his RMD what are the rules for determining the assets value?
Thanks
Permalink Submitted by Alan Spross on Fri, 2009-11-20 20:23
It is the IRA custodian’s responsibility to determine a year end value for all investments allowed in the IRA. This is reported to the IRS and taxpayer for RMD purposes. It is a potential challenge for real estate holdings or certain illliquid investments, and in some cases can even result in the added costs of an annual appraisal or other valuation determination in order to report an accurate year end value.