What's the best use of 100K from a CPA's perspective?

[Edward Alcantar]

Hello. This is my first post on BP, and I have a couple questions for anyone who's a CPA, or has had a similar experience. 

I just sold my primary residence, I used the profits to pay all my credit card and other debt off, what's left over for investment opportunity is 100k. Also, my wife and I are on the path to make around 100k this year from employment for our 2020 taxes.

1.) My wife and I currently don't have a 401k. Would it be beneficial for us to open and max it out for our contributions this year for tax exemption? or are there other tax exemption accounts that would benefit us more?

2.) We plan on using the remaining profits we have left from our sold home in to property investment with the intent of buy and hold, is there anything we should know that would help us with next years taxes?

[Michael Plaks]

@Edward Alcantar

No such thing as the best use of money. 

First, it depends on your financial situation, your goals, your ages, your family situation, your obligations, your experiences and skills etc etc etc.

Second, it depends on your personal preferences, beliefs and biases. Two people in identical situation will choose two different paths.

Third, it will still be a roll of dice, because life is always unpredictable, and more so now than ever before.

All you can get from someone answering this question with a specific recommendation translates into: "this is what I did, for better or for worse." How does it help you, other than maybe expanding the array of options to choose from?

This is very much like asking what is the best occupation or the best relationship or the best place to live.