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!
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Gains and losses from property dispositions are excluded from UBTI. Code ยง512(b)(5)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.Roland Slugg
"I do what I can." -
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!Comment
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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.Comment
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