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Do u know about envelope iras i cant even find them with…

Customer Question
Hi there do u...

Hi there do u know about envelope iras i cant even find them with google

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I inherited an ira from my father who passed recently i understant that if i do an llc i can open up what i can use that money to invest in any advice or referral i cant find anyone last month i found several

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No i want to do cryptos with the money thats it

Submitted: 2 months ago.Category: Finance
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Answered in 9 hours by:
5/25/2018
Financial Professional: TaxRobin, Senior Advisor replied 2 months ago
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,387
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Financial Professional: TaxRobin, Senior Advisor replied 2 months ago

When you inherit an IRA from anyone that is NOT your spouse, you have limited options. You can take the money in full or it can be put into a beneficiary IRA. You cannot contribute any more money into that IRA and you cannot have the IRA invest in any LLC you own.

There is a Self Direct IRA but you cannot do that with the inherited IRA and a Self Directed IRA cannot be used to own any LLC you already own although it can have investments that you choose.

In short you cannot do what you want to do it is not allowed.

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Financial Professional: TaxRobin, Senior Advisor replied 2 months ago

Please post below so I know you have read and understand my response.

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Financial Professional: TaxRobin, Senior Advisor replied 2 months ago

Hi,

I am still waiting to hear back from you

Any call offer is site generated, just ignore it.

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