Accounting and Self-Directed IRA LLC


Does anyone here have a Self-Directed IRA LLC (a.k.a. "checkbook IRA") set up that they use for some of their investments -- including buying real estate?
I have one. This Self-Directed IRA LLC (SDIRA-LLC) is a single member LLC in which 100% of the shares of the LLC are owned by my self-directed IRA that I set up earlier at Sunwest Trust. Those LLC shares are assets of my IRA, not my assets. I am located in New Jersey, and the SDIRA-LLC is set up in New Jersey.
I have a specific question about how the SDIRA-LLC is handled in terms of reporting and filing tax returns. Here's how I "think" it may work, but I don't know for sure:
Since all of the shares of the SDIRA-LLC are owned by and held in my IRA (and not owned by or held by me), I am thinking that any profit or loss on the SDIRA-LLC does not get reported on my tax returns. In fact, I think that nothing about the SDIRA-LLC would appear on my tax returns. Instead, the SDIRA-LLC needs to have its own separate bookkeeping and accounting done, and the end-of-year asset value (and maybe profit and loss) get provided to the IRA custodian (Sunwest Trust).
Is this correct?
Obviously, I need to arrange for an accountant to help me with all of this self-directed IRA and SDIRA-LLC stuff as well as all of my tax, accounting, and QuickBooks setup needs. I am in the process of doing that right now. But, in the meantime, if anyone knows and can provide the answer to the above question about how SDIRA-LLC's are reported for tax purposes, I would appreciate it.
Thanks.
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