- MAJOR CHANGE in interpretation of 60 day rollover rule January 31, 2014The Tax Court has ruled that the one time per 12 calendar month 60 day rollover rule applies to ALL of the taxpayer’s IRAs, and not to each IRA separately. This is in direct conflict with IRS Publication 590. A summary of the ruling is below: Tax Court’s take on one-IRA-rollover-per-year rule is at odds with IRS’s Publication Bobrow, TC Memo 2014-21 The Tax […]Quincy Long
- How many Real Estate transactions can I complete in a calendar year? January 30, 2014Question: Quincy With my Quest Roth IRA and utilizing the PPT, how many real estate transactions can I complete in a calendar year. Specifically optioning a property then, assigning the option and pocketing the assignment fee. Answer: There is nothing that indicates a specific limit on how many such transactions you can do BUT (and it’s a big BUT) the […]Quincy Long
- “Danger, Will Robinson! Danger!” – New Reporting Requirements for Self-Directed IRAs December 23, 2013In the 1960’s television series “Lost in Space” the robot, who acts as a surrogate guardian for young Will Robinson, utters the phrase “Danger, Will Robinson! Danger!” when the boy is unaware of a pending threat in one episode. I was reminded of this classic phrase when I read about the new reporting requirements beginning in 2014 for self-d […]Quincy Long
- Year End Retirement Planning November 19, 2013As we approach the end of 2013 and begin thinking about 2014, it is time to reflect on our retirement planning and take some action steps to have a better tax result now and a more secure retirement later. Some of the issues you should consider include: 1) If you have traditional IRAs or other pre-tax accounts and are at least age 70 1/2, do not […]Quincy Long
- Another One Bites The Dust November 13, 2013Eventually, I hope IRA owners will learn that the middle letter in IRA stands for Retirement. The essence of the prohibited transaction rules is simple: you may not invest your IRA in a way that gains you or any other disqualified person a current benefit, other than as a beneficiary of the IRA. The latest Tax Court case of Ellis v. Commissione […]Quincy Long
- My SCAAARYY Halloween Costume! October 29, 2013Check out my scary PROHIBITED costume for fright night! … Continue reading →The post My SCAAARYY Halloween Costume! appeared first on The IRA Web Advisor.Quincy Long
- Could I just make a personal loan to my partner in the LLC and he could the pay down the hard money loan? October 29, 2013Question: I currently have a self-directed IRA and have some cash in it from a recent deal. I am a 50% owner of an LLC with a hard money loan on a home we are currently trying to sell. Basically, I need to determine a safe way to invest(not take a distribution) my Ira money so that the money can ultimately pay off part of that hard money loan. 1. Could I ju […]Quincy Long
- Transferring properties between IRAs October 7, 2013Question: Hi Quincy, We spoke when I was deciding about IRAs, and I recall that you said you are an attorney, so can you please answer the question below about title policy? I am trying to transfer a property from my other IRA into Quest, and there is an issue about the warranty deed and moving it to Quest. It was written in the name of the current IRA, so d […]Quincy Long
- DOMA Ruled Unconstitutional – Now What? *Updated* August 30, 2013Updated August 29, 2013 On June 26, 2013, the Supreme Court ruled that a key section of the Defense of Marriage Act (DOMA) was unconstitutional. This will allow at least some same sex couples to have the same tax benefits – and burdens – that opposite sex married couples enjoy. So what does that mean for IRAs? Section 3 of DOMA defines marriage for purpose […]Quincy Long
- Inherited Roth IRAs – The Gift That Keeps On Giving August 26, 2013The benefits of a Roth IRA are legendary, but the benefits of an inherited Roth IRA are even better. One of the best legacies you can leave to your children or grandchildren is an inherited Roth IRA. By leaving a Roth IRA to your beneficiaries, you leave them with the ability to create a stream of tax and penalty free income for their lifetime, […]Quincy Long
This is the corner of our site dedicated to the sharp-eyed and steal trap mind and focus of Quincy!
Quest IRA does not provide tax, legal or investment advice, but we surround ourselves with those who are much smarter than us on investments and investment strategy, our clients.
The Dangers of Checkbook Control IRAs
A very popular idea in the self-directed IRA industry is to have what some have termed a “checkbook control” IRA. These have been under attack by the IRS. Click the link below to listen to Quest IRA President H. Quincy Long talk about the dangers of Checkbook Control IRA LLCs
Click Here To Listen
Read Articles By Quincy:
- Checkbook IRA LLC Pros and Cons with Quincy Long Hosted by Cash Flow Depot (Teleconference) (10/22/2012)
- How to Stretch a Roth IRA to Last More Than 150 Years (1/30/2012)
- Small Business Today Magazine (4/13/2012)
- Want to Build IRA Wealth Fast? Know Your Options (3/6/2012)
Top Investment Strategies with Self-Directed IRAs
Listen to H. Quincy Long explain some of the top investment strategies of some of our most successful clients.
Get More Self-Directed IRA Options with Real Estate Options!
In this presentation H. Quincy Long will talk about the power of using Real Estate Options as an investment strategy in a self-directed IRA. Real Estate Options, and options in general, are one of the most underutilized investment strategies in self-directed IRAs. A properly structured real estate options agreement has the potential of paying off in many different ways. Having as many investment options as possible is one the important factors in being a successful investor. Some may call it having all the proper investment tools to work with but really it is just having as many different investment options available to your IRA as possible. Take this opportunity to add another tool to your investment tool belt and come learn about real estate options in self-directed IRAs.
IRA Web Advisor has more Quincy!
Your IRA Can Do Real Estate
H. Quincy Long, CEO Quest IRA, Inc. on www.myreiadvisor.com teleclass
- What is a self directed IRA and what is the difference from a regular IRA?
- What are some of the benefits of self directed IRAs?
- What investments are Quest client purchasing with their self directed IRA?
- If you want to buy a property do you have to by it cash or can you finance it?
- Do you need an LLC to buy real estate in your IRA?
H. Quincy Long is featured in the PREMIER edition of Small Business Today!
Who is H.Quincy Long?
H. Quincy Long is President of Quest IRA, a self-directed IRA third party administrator, with offices in Mason Michigan and Houston, Dallas, and Austin, Texas.
H.Quincy Long has been a licensed Texas attorney since 1991 who specializes in real estate, and has been a fee attorney for American Title Company. He has sat on the board of directors of the Realty Investment Club of Houston (RICH), the second largest real estate club in the country. Quincy received his Doctor of Jurisprudence in 1990 from the University of Houston. He received his Master of Laws, also from the University of Houston, 1997. Quincy also holds the title of CISP (Certified IRA Service Professional).
Quincy is also the author of numerous articles on self-directed IRAs and other real estate related topics, and is editor and co-author of the book Real Estate Investment Using Self-Directed IRAs and Other Retirement Plans by Dyches Boddiford and George Yeiter, CPA.