No. A previously owned personal IRA cannot be in your LLC because that is considered a prohibited transaction. Rocket Dollar will create a new IRA LLC for you to transfer the existing Self-Directed investment account.
Always think of your IRA and the IRA LLCs as separate entities from your personal business dealings and any traditional business LLCs. You must also not commingle dollars from your own businesses and a separate, Self-Directed IRA investment. An IRA LLC is part of the structure that allows you to invest and gain checkbook control of the IRA.
Your IRA cannot buy an investment that you previously owned, personally or in a business LLC.
Make sure that investments you make from your IRA are not connected to your current business in a self-dealing prohibited transaction. For more about self-dealing, click here.
I only own a partial amount of a business or investment...Is that still prohibited for my IRA?
If the investment is owned 50% or less by you and other disqualified persons, it might be eligible for investment by your IRA. Keep in mind if a prohibited person also owns part of the company, this is added towards your total when analyzing prohibited transactions
For more information on disqualified persons, which includes yourself, various family members, and close relationships, click here.
What if I have an LLC that I already use in a self-directed account?
We can only do a retirement cash transfer at this time. We will still create a Colorado LLC for every IRA LLC account and there no exceptions for us to accept outside LLCS. After the transfer, you can shut down your own LLC. Please contact us at email@example.com, or 1-855-762-5383 to discuss a transfer with our sales team.
Please sign in to leave a comment.