Show notes
On this episode of Passive Income Pilots, Tait and Ryan interview Derreck Long, a Senior IRA Specialist at Quest Trust Company. Quest Trust manages IRAs for alternative investments such as real estate, notes, oil and gas, and private placements. Derreck, a Self-Directed IRA and Solo 401K Expert since 2017 with a CISP from the American Banking Association, has spoken at hundreds of events nationwide and participated in lobbying efforts with Congress. He provides invaluable insights into self-directed IRAs, detailing ways to fund retirement accounts, contribution limits, and the process of rolling over a Thrift Savings Plan (TSP). Derreck also demystifies complex terms like Unrelated Debt-Financed Income (UDFI) and Unrelated Business Income Tax (UBIT), explaining their impact on IRA investments and potential tax implications. Additionally, he discusses the effect of new tax laws on custodian investments, offering expert advice to help navigate these changes. Enjoy the show!
Timestamped Show Notes
(00:00) Intro
(01:31) Understanding self-directed IRAs and custodians
(03:39) Comparing active employer funds vs. external funds
(04:53) Eligible investments for an IRA
(07:02) Strategies for getting money into a retirement account
(10:46) Steps to setting up a self-directed IRA
(12:18) Informing your old plan provider about your new self-directed IRA
(14:52) Choosing the right custodian for self-directed investments
(17:58) Specialized custodians for different types of investments
(20:38) Contribution limits and consolidating retirement accounts
(21:25) Rolling over a TSP to an IRA: What you need to know
(23:10) Importance of due diligence and working with experts for IRAs
(25:28) Personalized customer service and assistance with IRAs
(29:24) Why some syndicators avoid IRAs due to plan asset regulations
(33:53) Understanding how IRAs and depreciation work together
(35:21) The history and impact of UDFI
(37:34) Navigating UDFI, UBIT, and taxes for your IRA
(41:18) Introduction to different types of retirement accounts
(43:46) Choosing between a Roth IRA and a traditional IRA
(45:14) Understanding custodian fees for self-directed IRAs
(49:03) How to reach out to Derreck Long for more information
(50:50) Outro
Resources Mentioned
#10 - Reduce Your Taxes & Maximize Returns Using PROVEN Investment Strategies with Toby Mathis
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The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions. The hosts, Tait Duryea and Ryan Gibson, do not necessarily endorse the views of the guests featured on the podcast, nor have the guests been comprehensively vetted by the hosts. Under no circumstances should any material presented in this podcast be used or considered as an offer to sell, or a solicitation of any offer to buy, an interest in any investment.
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