ThomasIT
Level 1

My sister had a business in a building and the owner decided they wanted to sell it. The owner asked my sister was she interested. She didn't have the funds so she asked me could I help. I didn't mind because that business was her families livelihood. I had the asking price in my 401K account at work. I found this company to set up me an IRA Solo 401 (K) trust account. I then performed a rollover between accounts to allow the trust to buy the property. I have come to know the property is considered to be historic and qualifies for tax incentives for renovations, etc. However, my CPA indicated I cannot use them because the trust isn't a pass through entity for tax purposes. I asked him could I create an LLC and transfer the property to a LLC. He indicated that would be considered a taxable event/distribution and penalties would apply. I responded, I understand. What question do I ask the business that set up the IRA on what I'm wanting to do without them telling me, we don't give tax advice. Any help would be appreciated. Thanks

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