Ian asked 2 years ago
Hi Guys, long time listener, thanks for everything that you do. I have an IRA LLC for my inherited IRA that owns rental properties, the decedent passed before the new stretch IRA rules. The rentals generate about 160k in annual net income, and I have a property manager that collects the rents and distributes it to my LLC checking account each month. Currently the funds accumulate in my LLC checking account, and I transfer it to my custodian towards the end of the year and receive it back from them as my RMD, but I end up with excess cash that I’d like to put to work in the stock market. The stock brokerage that I already do business with won’t do an IRA LLC account for me, so I’d like your opinion on the following:
Can I create a new standard self-directed account at my preferred brokerage titled under the IRA name, and then direct the property management company to distribute the monthly rent proceeds directly to that new account custodian instead of the current custodian? I know the “cleanest” route is to go from the IRA LLC to the current custodian and then do a custodian to custodian transfer, but I’m trying to find a simpler long-term solution. Thanks so much!