Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

287
Posts
148
Votes
Thomas Williamson
  • Investor
  • atlanta , GA
148
Votes |
287
Posts

Questions about Terminating a ROBS

Thomas Williamson
  • Investor
  • atlanta , GA
Posted

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.

Loading replies...