Updated over 9 years ago on . Most recent reply
Owner Occupied Duplex - LLC - Solo 401k
I'm currently living in a duplex I own, work full time, but my employer doesn't offer a retirement plan. I'm considering starting an LLC that I can run rental income and expenses through for the main purpose of starting a retirement plan (probably a solo 401k) so that I can start socking away some income into a tax deferred account. My wife and I also end up with a few side gigs throughout the year and I'm thinking we could run some/all of that income through the LLC as well in order to get it into the retirement account. So I get that the LLC won't provide legal protection, but I'm wondering if my thought process is sound with respect to the retirement account. An additional benefit seems to be the ability to pay my kids out of the LLC so that they'd also have some earned income in order to start contributing to their own retirement accounts.
Has anyone else done anything like this? Is my logic sound?
Thanks.