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UBTI in IRA

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    UBTI in IRA

    I have a client who owns several LP's in his IRA - one of which he sold for a gain over $1,000 which means he will have to file a 990T this year. These are completely new to me. Does anyone know if he can sell another LP in his IRA for a loss to offset the gain and if he can, if his net gain ends up under $1,000 is the 990T still required? thanks!

    #2
    I have a client who owns several LP's in his IRA - one of which he sold for a gain over $1,000 which means he will have to file a 990T this year.
    Gains and losses from property dispositions are excluded from UBTI. Code ยง512(b)(5)
    Roland Slugg
    "I do what I can."

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      #3
      Thank you for directing me to the right IRS code - so the UBTI is only due if the distributions (interest, dividends, rents, royalties) exceed $1,000 - but you have to add together the distributions for all the various LP's held in all of the various IRA's for any one individual - is that correct? thanks!

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        #4
        The IRA custodian should file

        The IRA custodian should file a 990-T for the IRA if needed. A fee is generally charged to the IRA or the IRA owner.

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