Property expenses which cannot be paid using trust name
How do I pay real estate property expenses which cannot be paid using the trust name, like utilities. Do I write myself a check after paying those expenses from my personal account?
Answer:
All expenses related to investments owned by your retirement account must be paid from the retirement account. You cannot pay those expenses with personal funds and then reimburse yourself from the 401k.
Most utility companies will allow you to open the account in the name of the trust. The bills can then be paid with your Solo 401k Trust checking account, using a check, debit card, or online banking.
If for some reason you are unable to open the account in the name of the trust, then you as the trustee can open the account in your name. However, payment still must come out of the 401k trust's account using the methods described above.