I just opened an LC account account and transferred $2k and bought $1k in notes. Now that I've looked at how much more complicated my taxes will be next year, I wish that I'd made my investment in an IRA instead.
Does anyone know if it's possible to convert an existing account into an IRA account?
Or, would I have to liquidate my investment first, which would mean that it's not worth it?
I see that LC uses an outside firm to manage "self directed" IRAs. It looks like there's a $100 annual fee which seems pretty high to me (at least for my small time dabbling). It looks like I should to fully commit to P2P, to make that flat fee worth it.
Thanks, for sharing your experience with a newb.
Does anyone know if it's possible to convert an existing account into an IRA account?
Or, would I have to liquidate my investment first, which would mean that it's not worth it?
I see that LC uses an outside firm to manage "self directed" IRAs. It looks like there's a $100 annual fee which seems pretty high to me (at least for my small time dabbling). It looks like I should to fully commit to P2P, to make that flat fee worth it.
Thanks, for sharing your experience with a newb.