Check Book IRA Client Buys and Leases Out Oil Tanker in North Dakota
We received a call from one of our clients that had a tax related question and while on the phone I asked him what he was doing with his IRA LLC.
“Oh, I’m in the oil business”, he said. I quizzed him a bit more because I wanted to be sure he understood that if you actually run a business an IRA can be subject to a Trust Tax called UBIT.
“Nope”, he answered.
“I bought the rig and am leasing out to a trucking firm in North Dakota for work on the pipeline”.
He was very excited because he’s earning a fabulous return and his retirement is invested in something he can literally kick the tires on.
We’d love to hear what you are investing in with your Check Book IRA. The opportunities are endless as long as you stay within the rules.
Perhaps you will hit a “gusher” return like our friend from North Dakota!