All Forum Posts by: Scott Adams

I currently have my Solo 401k account with Bank of America, but the cash reserves gain zero interest. Would like to move to a high yield account such as money market. Thoughts

I live in Kansas City area would lean towards businesses in my geography. 

Thnks!

Brian, Thanks good info. So tax liability would be added to earned income for the year. So how would I calculate the tax hit? Also would it be better to wait till retirement to make this move, because my earned income will be lower, hence lower tax bracket, Y/N?

FYI, I am 60, will be 61 by the time I would consider doing this so 10% penalty will not apply.

Transfer to self, not alternative IRA product. I know there are tax implications but, how do I calculate that, and can I spread the payment of those taxes over a number of year, or required to pay all in one year

I am considering a In-Kind transfer of a prop I hold in my Solo 401k Trust. Would like to discuss with anyone that is familiar with this, and discuss options. Thanks!

I need to better understand how to manage incurred taxes, expenses, and subsequent liquidation of real estate within my Solo 401k

Cameron,

You are spot on. I am being told by one lender that they have many investors that do exactly the scenario about deeding back and forth. That is certainly easy enough. my concern would be asset protection afforded to me by do the LLC in the first place. If I deed the prop back into my name, get the loan, then deed it back to the LLC. I don't see how I retain LLC personal asset protection, given the name on the loan is still mine and not the LLC. Thoughts?

Joni S. no rehab required, it was move in ready, in fact already rented.

Ryan, well I seem to be coming up empty, any suggestions are well come.

NOTE: I created a LLC and bought/title prop thru LLC. Mortgage companies I am talking to say Fannie Mae and Freddie, won't lend to a entity(i.e. LLC), must be in my name. This has caught me of guard and totally unexpected. Have you heard of this? Any thoughts?

Folks I am trying to find a lender in KC that will do a cash out refi on a rental we purchased all cash earlier this year. We used all cash to be competitive in an aggressive market here in KC. My intent was to use my cash to make the deal then put a mortgage on the prop to put my cash reserves back. Also I bought the prop thru a LLC we created, and finding some banks won't do a cash out refi thru a LLC. Anyone have thought there? Thanks for your help!

Thanks guys! I will check them out. I hadn't thought of someone remote. My expectation going in was that I needed someone familiar with the state of MO & KS, but sounds like that may not be the case. Thanks!

I am looking for a good quality tax strategist that will engage in a quality discussion about real-estate investing and proper tax strategies.