Notify me of follow-up comments by email. Yes, an IRA/LLC may have a brokerage account to buy stocks or other publicly traded assets. In addition – there are no account minimums nor monthly maintenance/inactivity fees. If I buy the stocks in my personal brokerage account, the dividends will be taxed at the capital gains rate 20%. 5.) We also wanted to ask if there were any freebies and bonuses from talking with someone to open an investment account. Maybe, maybe not. Two 20 something dudes who are blogging about #Investing, #Frugality, Passive Income & attempting to Reinvest Our Dividends to Financial Freedom! Sign-up below to receive updates and monthly newsletters about our pursuit & journey to financial freedom. We have used Matt for many legal matters and he always comes through with shining colors. Discount Brokerage Account . Just curious did you consider going with Robinhood which has free trades? Wouldn't all retained earnings be tax free until distributed to member(s)? Mat’s book is the most practical and comprehensive self directed IRA guide in our industry. Do I have to report those accounts on yearly filings to IRS? I recently transferred and consolidated some accounts from Charles Schwab and others to BofA/Merrill Edge and haven’t looked backed. While this involves more steps, its cleaner in the end as the brokerage IRA will be set-up with no tax reporting to the IRS on trading income. It is easy for me to recommend Matt and his team. "Mat’s book is the most practical and comprehensive self directed IRA guide in our industry. Everything is pretty much do-it-yourself and you have to execute your own trades. Any other experiences or interaction with firms that you’d like to share? Our account wouldn’t be large enough at this time to sustain a monthly. What is the reason for investing under LLC? Uninvested or accumulating cash from an income producing asset often times sit without earning any income in an IRA/LLC. I am sure we may miss certain small amounts when dealing with hundreds of trades within a year. This may arise with portions of cash that are not yet large enough to make a desired self-directed investment, or when the IRA/LLC is between investments, such as after the sale of an asset or investment and before a new self-directed investment may be found. Thanks again for the comment. If the +$500 is a realized gain, (the value of the security went up and you sold), then you have reportable income. He is both knowledgeable about the impact of potential litigation and brings creativity to all that he does. Do I have to report those accounts on yearly filings to IRS? I was referred to Matt for help in setting up an IRA owned LLC. Charles Schwabb must have lost of potential business by having such a large number like that. Scottrade, losing out here, again! Matt and his team did an incredible job completing the work in a few short days. But yes… with big Chuck – not sure what/why that is the case with them? Are you thinking of doing it? Also – any reason why around $200K to move/change/diversify? Mat has truly written an“Authoritative Guide” for self directed IRAs.". In the meantime, I was able to execute a few trades at a still relatively cheap $6.95 trade expense. Really liked that you made the saturday calls. Mathew is the legal partner for the majority of my clients. But, Bert was right and we should have had this opened up, so we could make a move on something when needed. Looking forward to your replies. The answers were all a “yes”, so that’s solid to know we can do this. Most brokerage firms do not have a specific account option for IRA/LLCs. This is great! Required fields are marked *. Yes, yes we’ll have to check that angle. It’s more for liability and security purposes, as well. Elaborate assessment with a clear answer. Either way, it's considered taxable income? What are the advantages? Mat's vast knowledge and experience in a plethora of differing areas of the law is astounding. And guess what – we found answers we didn’t expect! Therefore, all firms listed above fit the bill. Lastly, we did not just research firms online, but we also cold called them THIS MORNING, on a Saturday, to see who we could contact and work with. Please let us know! Account Maintenance Fees - a monthly, quarterly, or annual fee that a broker-dealer may charge you for certain brokerage accounts below a certain dollar threshold to keep these accounts open at the brokerage. If I leave my money in my brokerage account and do not remove any of it, how does that affect what I put on my taxes? For a summary and description of an IRA/LLC, please refer to my video here. Not only do we want to reinvestment our dividends through a “Dividend Reinvestment Plan (DRIP)”, BUT we also want to do this without paying any fees. The tax rates can vary depending on the type of investment for nonresident aliens. Thanks for the feedback and glad to hear that you like Fidelity, makes choosing them feel better! Will do some early investigation though, just to check out what’s possible. In the Netherlands it’s not very customary to do so until you earn some money from your business. 3.) Fidelity, on the otherhand, was great and hit on all the right criteria, not the lowest cost per trade, but definitely not the highest. "What about next year? As a result, most brokerage firms will simply treat the brokerage account as an LLC brokerage account. Ah… another stream, let’s keep this going!! As you can see from the chart above – there is a tight range of up to $10 per trade, which is fairly common. Partial Shares – This is not a pure deal breaker, but I love using the Capital One Investing “automatic” trades, where the trade fee is not only $3.95, BUT they allow the partial share on an investment purchase. The problem with this is that they will send the IRS and your LLC tax reporting via IRS From 1099-B for trading income. That approach may help to maximize the tax treatment of these accounts. 3) How sensitive is IRS towards details? I used the money from my personal account to seed the Forex account. We appreciate the stop-by, as always, and are excited on what feedback that the community has in this decision.

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