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New I have an IRA-LLC. I just set up an LLC account with TD…

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New Hello--- I have an...
New Hello--- I have an IRA-LLC. I just set up an LLC account with TD Ameritrade in order to invest in CD’s. They consider this a taxable account and will be filing a 1099. Up to this point, I have not declared any income from this IRA-LLC since it has all been rental income. I’m afraid that now with TD Ameritrade reporting income it will somehow red flag the IRS. Can I talk to someone about this? I’d be happy to pay for expert advice. Thanks very much, John Bishopp***@******.*** York, New York
Submitted: 22 days ago.Category: Tax
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Answered in 16 minutes by:
5/31/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 22 days ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,430
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi John. My name's Lane.

...

Hi. …. My name’s Lane,

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a couple of minutes while I type up my response.

….

Then if you have further questions we can go from there.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 22 days ago

For this to work as an LLC INSIDE an IRA you'll need to open up an IRA account with a custodian that does this kind of work (what most refer to as a self-directed IRA).

...

The typical custodians like TD Ameritrade, Schwab, and the others (even MOREso with the retail brokers such as Merrill or ***** *****) don't allow for these kinds of assets to be inside IRA's.

...

You'll need to look for a custodian such as this one (I have no association with them, just know they do a good job alternative asset IRA's)

...

http://info.pensco.com/re-ppc-18

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Customer reply replied 22 days ago
I want to buy CD's. I've got to be in a brokerage account. Otherwise, the deposits from my IRA-LLC rental sit in a minimum interest bank account.
Customer reply replied 22 days ago
I tried to set up a brokerage account with Chase. They wouldn't do it. TD Ameritrade said they'd do it for the LLC but later said they'd report earnings on a 1099 at year-end
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 22 days ago

PENSCO and some of the others will allow for CD's (although CD rates aren't much better than any other cash equivalent).

...

It's just that classic (normal) brokerage firms WON'T handle (or don't know how to handle the LLC part of this)

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 22 days ago

You need a custodian that handles "self-directed" IRA's

...

Here's another one: http://www.irafinancialgroup.com/theselfdirectedira.php

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