Can I partner with others when using a self directed IRA for multifamily investing

Yes, you can partner with others when using a self-directed IRA for multifamily investing. Partnering with others can provide several benefits, such as pooling financial resources, sharing responsibilities, and accessing complementary skills and expertise.

When partnering with others, it's important to structure the investment correctly to comply with IRS regulations. Each partner's IRA should have its own share of ownership in the property. All income and expenses should be allocated proportionally to each partner's IRA based on their ownership percentage.

To ensure compliance with IRS rules, it's crucial to partner with individuals or entities that are not disqualified persons. Disqualified persons, as defined by the IRS, include yourself, your spouse, parents, children, grandchildren, and certain fiduciaries or service providers of the IRA. By partnering with unrelated individuals or entities, you can avoid prohibited transactions and potential penalties.

When partnering with others, it's advisable to consult with your self-directed IRA custodian and a qualified tax professional to ensure you structure the partnership correctly and adhere to all IRS guidelines. They can provide guidance on the appropriate legal agreements, tax implications, and reporting requirements associated with the partnership.

If you would like to learn more about multifamily investing, you should join the Benjamin Z Miller Investor Networking Group. If you need more information, you can also find some on my website www.benjaminzmiller.com or search for “Benjamin Z Miller’ on LinkedIn or Meetup to find the investing groups.

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If you learned something from this video, maybe share it with your friends. You might be able to help them also. I hope that helps and good luck with your investing!

Benjamin Z Miller
www.benjaminzmiller.com
1-817-203-4160
[email protected]

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