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January 19, 2018, 07:33:28 AM |
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I believe you have to setup the IRA before the LLC. I would call Broad Financial. They set up these types of self directed IRAs and they were real helpful answering questions for me. You can google search them. Don't choose a self directed IRA that charges holding fees.
Yes, business accounts don't always get approved with alt coin exchanges like bittrex and poloniex. But, I think you could do pretty well with coinbase/GDAX, gemini, and itbit. You can get your Bitcoin on itbit, your etherueum on Gemini, and your Litecoin on GDAX. Just keep it simply. I know the allure of alts is tempting but I believe you can still do real well with BTC, ETH and litecoin. Hell, its hard to open a regular account with most of these exchanges now. The whole cryptoverse is collapsing under its own success. Once all the exchanges and technology get caught up, the real cryptoparty will get started. We are in the early days.
I would hold my funds with the exchanges I mentioned. They are licenced, insured and hold your funds in cold storage. I know you are always told to not leave coins on exchanges and I wouldnt for funds outside retirement. But, with retirement funds, you got to be extra careful about compliance and holding your keys on a trezor may or may not be in violation of IRA rules. I wouldn't want to worry about it. You may miss out on some of the smaller forks but since you probably wont be able to get a business account on the exchanges that trade these forked coins, you will just have to not worry about them. Another thing, I have always had my best returns from buying and holding. Trading and timing the markets is much more difficult than you think, at least for me. Keep it simple, buy and hold, and get that self directed IRA. Bitcoin still has a bright future in my book although its hard to see right now with the scaling issues and the alts getting alot of attention.
as for question #2, if you have a check book self directed IRA with an LLC set up within it. You can open a business account with your LLC with a brokerage within your IRA just like you did the crypto exchange. You sell your crypto, send the proceeds to you LLC IRA business checking account and then to the brokerage account set up with the LLC in your IRA. You may be able to send it directly from the exchange to the brokerage but I would check on that.
question #3, ask the people at broad financial. I think you just dissolve the LLC, and send the money to the IRA custodian before transfering your ira to a traditional IRA outside a self directed IRA. From what I could tell. The process of reporting your LLC profits once per year is simple. Your custodian reports to the secretary of state your IRA balance once a year with the balances you provide them. Its much , much more simple than figuring out your taxes in a non IRA account.
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