Self directed IRAs under attack in proposed tax bill
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Self directed IRAs under attack in proposed tax bill
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Re: Self directed IRAs under attack in proposed tax bill
#2Self directed IRAs are commonly used with a wholly owned single member LLC to invest IRA funds into real estate related investments such as rental properties or many other types of private investments. The new proposed tax bill seems to remove the ability of the IRA owner to manage that LLC and effectively end the use of checkbook control IRAs.
Re: Self directed IRAs under attack in proposed tax bill
#3Self directed IRAs are commonly used with a wholly owned single member LLC to invest IRA funds into real estate related investments such as rental properties or many other types of private investments. The new proposed tax bill seems to remove the ability of the IRA owner to manage that LLC and effectively end the use of checkbook control IRAs.
Is this really an issue for low- to middle-income earners, or is that just a scare tactic?
Re: Self directed IRAs under attack in proposed tax bill
#4Self directed IRAs are commonly used with a wholly owned single member LLC to invest IRA funds into real estate related investments such as rental properties or many other types of private investments. The new proposed tax bill seems to remove the ability of the IRA owner to manage that LLC and effectively end the use of checkbook control IRAs.
Is this really an issue for low- to middle-income earners, or is that just a scare tactic?
Most low to middle income earners struggle to hit their 5k or so maximum of a regular IRA versus operate a self-directed or have the additional funds to make it worth it.
Re: Self directed IRAs under attack in proposed tax bill
#5They should remove the ability to invest self-directed IRAs into options. This socializes the risk (i.e. someone with little or no supplementary retirement income is going to be a burden on the rest of us) while privatizing the gains.
Re: Self directed IRAs under attack in proposed tax bill
#6They should remove the ability to invest self-directed IRAs into options. This socializes the risk (i.e. someone with little or no supplementary retirement income is going to be a burden on the rest of us) while privatizing the gains.
How?
Re: Self directed IRAs under attack in proposed tax bill
#7Hey everyone: stop talking about your compliant tax strategies!
It’s been nice to want to help people but now, obviously, too many people know of some and their representatives are changing the laws.
It’s back to the way it’s always been: if you can afford good lawyers then you get to know of obscure tax codes. Lets leave it that way.
Re: Self directed IRAs under attack in proposed tax bill
#8Self directed IRAs are commonly used with a wholly owned single member LLC to invest IRA funds into real estate related investments such as rental properties or many other types of private investments. The new proposed tax bill seems to remove the ability of the IRA owner to manage that LLC and effectively end the use of checkbook control IRAs.
Is this really an issue for low- to middle-income earners, or is that just a scare tactic?
This has no impact on the average person in the low to middle class income range. This is just a loophole allowing the rich to put a bunch of money into their IRAs and watch it grow in a tax advantaged way.
The average person that's putting the max of $6k (or less) into their IRA is not impacted by this and it's business as usual for them.
I believe this is in response to people like Peter Thiel
https://www.propublica.org/article/lord-of-the-roths-how-tec...
Re: Self directed IRAs under attack in proposed tax bill
#9Why have an IRA when you have Social Security?
Re: Self directed IRAs under attack in proposed tax bill
#10Self directed IRAs are commonly used with a wholly owned single member LLC to invest IRA funds into real estate related investments such as rental properties or many other types of private investments. The new proposed tax bill seems to remove the ability of the IRA owner to manage that LLC and effectively end the use of checkbook control IRAs.
Is this really an issue for low- to middle-income earners, or is that just a scare tactic?
high-appreciation residential real-estate of all kinds is attracting "investment" like flies on the beach; its not fake.. if a financial law intended to help low- to middle-income earners is being abused by a few with many multiples of common money amounts, why is that a "scare tactic" ?