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Updated over 7 years ago,
Questions about Terminating a ROBS
My wife and I used Guidant Financial several years ago to set up a ROBS. We used the money to purchase one rental property, all cash, then placed a mortgage on the property. We've gotten several answers from Guidant on how to terminate this. We've chosen to simply dissolve the company altogether. We still have the one rental property in that company's name.
My question is: I know we'll have to pay taxes on the original amount which was somewhere around 76,000 as if we had simply taken it out of the 401K. What other tax consequences and or procedures do we need to be aware of? Thanks in advance for any advice.