Wholesaler · Louisville, KY · Member since 2015 · 8 posts · 0 votes
I'm currently unemployed and have an open Roth IRA. I have just rehabbed and flipped my first deal. I wanted to know if Im able to make contributions (monthly when I was employed) to the IRA since I'll eventually be paying taxes on the profit. Also, how would I need to pay taxes on my profit in order to since I dont plan to open a company for myself. I only plan to rehab 3 to 4 a year.
An IRA owner must have compensation from personal services rendered to contribute to a Traditional IRA (IRS Publication 590, Individual Retirement Arrangements (IRAs)). Compensation generally is what an individual earns from working (earned income).