Based on your videos, I’ve gone ahead to use KKOS to create a new LLC and DirectedIRA to allocate $80k of my Roth IRA funds into the new entity. Through this new entity, I’ve been able to trade crypto and have significantly increased the value of the account to $207k:
My question is the following:
- From June 6, 2023 when the company was formed to the end of the first tax year on December 31, 2023, I took an initial $80k of Roth IRA funds from TD Ameritrade and I increased the value to $103,571. Do I need to do any tax filings for this newly created corporate?
- If I need to do an annual tax filing, which form do I need to fill out? Do I need to report each of my trades or can I just report the current book value of the trades that I am still in?
I have watched many of your videos as a subscriber but it is not clear what I need to do AFTER I’ve created the self-directed IRA and what my reporting obligations are after creating the new LLC. If this has been covered in one of your videos, can you send me a link to that video?