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Ep. 021: Checkbook IRAs for Buying Cryptocurrency Directly in Your IRA with Jeff Vandrew Jr., Esq.

by | Jun 10, 2018

Many people ask if they can buy cryptocurrency directly in their IRA? The answer is no. Not directly. You will need to use checkbook IRAs for buying cryptocurrency directly in your IRA.

What’s a checkbook IRA, you ask? Well, that is exactly why I invited Jeff Vandrew, Jr. to be a guest on this episode of the SANE CRYPTO Podcast.

checkbook IRAs for buying cryptocurrencyJeff is licensed as an Attorney, a Certified Public Accountant, and also a CFP. He has had articles on cryptocurrency, estate planning and tax planning published in various outlets, including Bloomberg Tax, Coindesk, and Bitcoin Magazine, and has taught continuing education courses to attorneys around the country. Jeff earned his BA With Honors from Rutgers University and Juris Doctor from Rutgers Law School.

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In this episode, Jeff and I cover:

✓ How Jeff got into the cryptocurrency niche

✓ What is a Self Directed IRA?

✓ Why do we need checkbook IRAs for buying cryptocurrency in our IRA?

✓ Why is checkbook control (a/k/a an IRA-LLC or Checkbook IRA) preferable to an “old fashioned” Self Directed IRA?

✓ What investments are allowed in a self-directed IRA?

✓ What are prohibited transactions in a self-directed IRA?

✓ What are the consequences of a prohibited transaction?

✓ Some other “gotchas” when setting up a self-directed IRA

TO DIVE DEEPER INTO Checkbook IRAs for cryptocurrency investing:

Greyscale Bitcoin Investment Trust (OYCQX:GBTC)

AskKim: Do you recommend GBTC as Bitcoin alternative? (Sane Crypto Episode 017)

SunWest Trust (custodian Jeff uses)

Gemini, itBit, GDAX/Coinbase Pro, Kraken (Brokerage firms that accept LLC accounts)

Prohibited Transactions In An IRA – IRS

Investments You Can’t Hold In An IRA

Bitcoin Standard – Saifedean Ammous (Amazon aff. link)

Jeff’s Website and Special Offer

QUESTIONS OR FEEDBACK:

Email: askkim@sanecrypto.com
Twitter: @sanecrypto https://twitter.com/sanecrypto

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