5 EASY STEPS TO PURCHASING ASSETS WITH YOUR QUEST SELF-DIRECTED IRA
Step 1) Open your Quest Trust Company Account. Select the type of account you would like to open and mail/fax/email your completed paperwork to our office.
Your account will be open in 24-48 hours once we have received the paperwork.
Step 2) Fund your Quest Trust Company account. IRAs can be funded via rollover, transfer, or contribution. (The forms to do this can be found by clicking here)
Step 3) Locate your Investment. Quest Trust Company allows you the freedom of selecting the investment of your choice. However, there are a few investments that are not allowed by the IRS. For a full guide to Prohibited Transactions, click here.
Step 4) Complete Investment paperwork. In order for Quest Trust Company to process your investment there are a few things we will need:
- Completed Direction of Investment Form (can be found here)
- Documents related to the investment, these must be titled correctly to avoid any delays. Correct titling is:
Quest Trust Company FBO (Your Name) IRA (your account number)
Step 5) Once Quest Trust Company has received completed paperwork we will process your Direction of Investment and send funds as requested on the form. Normal processing time is within 24-48 hours.
Payment of Expenses after closing:
All expenses associated with the property owned by your IRA MUST come from your IRA. These types of expenses could include, but not limited to: repairs, contractors, HOA, property taxes & insurance. In order to pay expenses from your IRA Quest requires a copy of the invoice/purchase order to be paid along with the Payment Authorization Form (One Time). Should there be recurring payments the client can complete a Payment Authorization Form (Recurring) and then only need to submit the invoice that needs to be paid.
- Quest Payment Authorization Letter (Fillable PDF)
- Payment Authorization Letter (AdobeSign E-Signature)
Receiving Payments/Earnings from Investment
If your IRA owns an asset, all profit/earnings must go back into your IRA. These can be collected by you, but must be made payable to your IRA. They cannot be deposited into your personal account. To ensure the payments are deposited correctly, please fill out a Deposit Coupon. To facilitate what payments are related to the different assets in your account, we encourage the use of a Deposit coupon to ensure the funds get deposited correctly.
If you have any questions or would like a deposit coupon form, please don’t hesitate to Contact Us!
DISCLAIMER: Quest Trust Company does not render tax, legal, accounting, investment, or other professional advice. If tax, legal, accounting, investment, or other similar expert assistance is required, the services of a competent professional should be sought.