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2 questions please. If I transfer assets from my personal…

2 questions please. If I transfer...
2 questions please.
If I transfer assets from my personal IRA to my LLC as a personal asset protection measure, how does the IRS not mistake this as business income?
And, can those transferred IRA assets remain non-taxable until I withdraw them from my LLC as a personal draw?
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Answered in 2 minutes by:
3/15/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
Experience: 15years with H & R Block. Divisional leader, Instructor
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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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You cannot transfer assets held in your IRA to your business and not report that as a distribution. You cannot transfer assets to your business and have the assets remain tax deferred.

You can transfer to another IRA but not to your business.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 1 month ago
I would be only taxed at the time of the transfer (IRA to LLC distribution) and not be taxed when I take a personal draw from my LLC? I'm trying not to be taxed on the same money twice. Thanks.

You will be taxed on a distribution from your IRA.

Is this a Single Member LLC?

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You do not take draws from a LLC if you are single member. All the money is yours any way. The money you put into the LLC Is not taxable to you. The profits are passed to you even if you leave the money(profits) in the LLC bank account.

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You are only taxed on the profits not your own money you invest. That is not income to the LLC.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
Experience: 15years with H & R Block. Divisional leader, Instructor
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Satisfied Customers: 17,645
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Experience: 15years with H & R Block. Divisional leader, Instructor

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