BJ ---
Owning the apartment complex in the IRA has been a total PITA since day one.
#1 - Brokerages don't hold "private paper"..... a term used for these kinds of investments since they're not liquid and have no "market" (NASDAQ or NYSE etc). Wells Fargo has a 'unit' that will hold this kind of stuff so I had it set up with them.
To make it just a bit more complicated - when I get a check - which is INTEREST - I deposit it in an 401/IRA I own in Fidelity. A couple of years I paid an extra tax on that because they thought it was a "contribution" and that "contribution" was MORE THAN I was allowed to make... UGH!
Now that I caught that -- I make sure to tell them it's a DIVIDEND/INTEREST payment from an investment already held in an IRA.
Trust me when I tell you all -- stuff like that is just a PITA because I have enough stuff going on that to have to remember all these stupid little details is ridiculous. That's why they just need to simplify the tax code. Just get rid of all this crap - have/let people make money -- and pay the tax due as a flat tax. We'd all be better off.
