All Forum Posts by: Todd Goedeke

Did that house, looks like about 1500 sq. ft., really appraise for $229,000 in Germantown? I' m from Sheboygan, seems unrealistic you would get that amount if on the market.

What Solo 401k providers allow for transfer of tax deductible funds to Roth sub account within the Solo 401k?

Scott, MY REPLY was referring to a license, not registration. My IRA LLC is not a business. I do not apply for a new tax id number just because it's an LLC. IRAs are individually owned, thus taxed under a social security number. The point I was making is that just because one owns a property in state of WI does not require any licensing with any agency.

 Are you saying that owning rental real estate in WI is conducting a business in WI?  Not true, see above.

In working with estate planning Attys. Where revocable trusts were involved people did not have to register the revocable trust with the state. Only when having a new tax Id number issued for an irrevocable trust is a new tax number generated and the act of applying for one is registering.

If a person living in IL owns property in WI under their own social security number and as an LLC why would they register? For what reason, there is no new tax Id number? They may pay property tax in WI on WI property.

Clint, are you saying that any business entity : LLC, partnership, C- Corp, S Corp must register with WI Dept. of Financial Institutions to rent out real estate in WI? Where specifically did you get that info from? Following that logic all IRA and solo 401k holders living out of state would have to register with WI Financial Inst. dept. if their retirement plan owned real estate in WI. My IRA and Solo 401k is thru IRA Financial Group ,headquarters Miami and New York. I don t have to register or be licensed as a business in every state I own properties thru my retirement plan. I file yearly only in the state where the IRA LLC was formed. If it was formed in WI I file my yearly report and pay a fee in WI. There are no yearly filing fees for the Solo 401k. Where properties are located ,owned by that LLC ,has no relavance. If it did you would have to register and pay yearly fees in every state you owned property for business purposes!

I agree with Brian. In addition, I would never let tax deductions determine whether to invest in real estate or not. I remember as an investment advisor what happened the last time they changed the rules on real estate by the IRS. Lots of money and properties lost.

Why would anyone not want forever tax free gains and cash flow with the Roth portion of their Solo 401k?And then to supercharge the growth by using leverage. What's not to like about a Solo 401k with a checkbook?

If you wish to passively manage property ,for convenience use an atty whose documents allow for checkbook control via an IRA LLC. This allows for expense checks for real estate to come from your checkbook rather than requesting custodian to write out a check for each expense.

Patti you can avoid the obstacle of non- recourse financing by purchasing multi family properties of a size where the lender requires no collateral other than the merits of the property. Consider combining forces with one or more solo 401k owners to provide necessary capital for purchase. 

Mark, I don t believe there is a mandatory requirement to withhold 20% for federal taxes. What if the distribution comes from the Solo 401 Roth?

Please advise what paragraph or statute   Has language stating withholding is required.

Thanks,

 Todd G.

hi john,

If I find a deal and have a buyer, what value do you bring to the table?

Hi,

There is no mention if your dad has been dating other women since your mother passed away. Are you concerned for his emotional or financial health. Emotionally, if he is mentally fit, why should you interfere? If its financial why do you care? It's his money not yours. If he wants to be a compassionate person, doing a Christian good deed of helping someone in need, then why question him? 

Is she paying rent? How did you or your dad find out about the 40k? Did you see bank statement? Did she show you documents?

How is it that your dad is here on a green card? How do you judge that it's ok for your dad to be here on a green card but not her?

Is anyone involved from your dad s church that can give him advice?

Lastly, since when is 61 old?

Ps. If you really want to get rid of her against your dad s wishes, show her dating sites where she can post a picture and tell her story to any number of lonely men.