All Forum Posts by: Cameron Skinner

I hope our Solo 401 K experts can help 

Me and my wife are both on my Solo 401-k with sub Roth I would like to transfer a portion of the money to her Roth IRA, it is my understanding I can do this as long as their is an in-service rollover provision as part of the plan and the funds being rolled are employee contributions, but my question is that since me and my wife are both on the plan and we have both made equal contributions can I just roll over part of the money to her Roth IRA or do I have to split equally between our separate Roth IRAs?

Hey Jeff, I'm a former license tax professional, Im not taking on any new clients but I can give you a recommendation if you private message me.  They won't be local to you but with Skype and scanners these days, it is more important you get an expert in real estate and someone you can call day or night with questions and who will work with you to create the best tax benefit for your individual situation.  

@Michael Walton careful if you transfer into an LLC in FL and you have a loan on the property you will have to pay doc stamps on the deed "transfer taxes". If this is your only rental property and you don't have huge personal assets to protect, I would just keep in my personal name and carry liability insurance on the quad. Then when you do your next deal set up a single member LLC at sunbiz.org, this is the state of FL direct website, so no middle man. It will walk you through and there are plenty of YouTube videos to help you. You can learn more by listening to me on podcast 168

Hope this helps good luck!

Bad idea! you would have a lot of closeing cost on the transfer and you would lose your tax exemption. Personal liability on rentals is really overblown, if it were me I would use a property management company that has liability coverage and just get an umbrella policy, that will be a whole lot cheaper than transferring to an LLC.

Hope this helps good luck

@Mike Landry

if I were you I would just have you as a single member, LLC.

1 - You could still have the ocational business dinner and write it off the rule is "reasonable and ordinary" on meals and entertainment expense for IRS.  Reasonable is what a responsible person would do in similar circumstances and ordinary is what other similar business do.   You can have a business dinner with your realtor, just write on back of receipt what was discussed and keep in your records.

2- the whole single member vs. multi member LLC for liability protection is way overblown, one of my LLCs was sued on a dog bite, as long as it's a bona fide business interest your fine.

3- you can put her on checking account even if she's not a member, and could give her limited power of attorney if she had to sign for a closing.

Hope this helps good luck

Since you have held the property for over a year and you treat i as an investment you would qualify for long term capital gain, as long as your not considered a "dealer" (in the business of buying and selling property).  IRS has a test for this just search dealer Vs. investor to make sure you qualify.  If you are an investor you would qualify for long term capital gains treatment.  As a rental you would only qualify for long term capital gain if you hold it for at least a year and one day after you placed the property "in service" this usually the date it is available to rent.

Also don't forget closing cost usually average about 7-8% so you will be lucky to clear 10k at closing so may be a good idea to rent for a few years see if market moves up some.

Hope this helps good luck!

 Welcome,  Live like a popper save every dime you can, save up your down payment,  use the cash flow from the rental to save up for the next one and the next one and the next one.  Soon you wake up when you're 50 years old with over 100.  Anyone who tells you that it's easier or quicker than that,  is trying to sell you something. Listen to my interview on podcast 168 

Hope this helps good luck

Remember every State is different, but LLCs were designed to give you Liability  protections without the formalities of a corporation.   Notice it's a limited liability company not a limited liability corporation.   Back in the day of s-Corps people were setting them up, and then not following normal corporate governance such as holding annual meetings keeping minutes etc. thus the term piercing the corporate veil.  State legislatures designed the LLCs encourage people to start small businesses without risking a personal assets. In Florida as long as it's a bona fide business interest you're protected.

Anyway You are allowed to buy stuff on your personal credit card and put the items into your company it's called a contribution capital. Hell, you can buy the whole house with your personal money and then transfer it into an LLC which many people do.

Hope this helps good luck

Florida has a "landlord handbook" that has all the details about evictions and sample forms you can probably get your county specific at your county clerk of the court web site or pick it up at the court house. 

While @Thomas S. is correct that you are not responsible for picking up rent, if you have done it in the past they may have a legal argument that they would have a reasonable assumption that you would continue to do so. Also 3day just gives you right to start eviction they can still come in and pay and even though you can technically refuse the rent and continue eviction most judges are tenant friendly and will not look to fondly on you for refusing to accept rent late especially if you have done it in the past.  Lastly evictions in FL are costly and extremely time consuming in, if they are still paying just late you may want to just wait till lease comes up for renewal and just non-renew the lease 

Hope this helps, good luck!

Welcome