All Forum Posts by: Travis Buck

@Colleen F., contributions to a roth may be used for a multitude of expenses penalty free, education being one of them. Any owner/occupant home purchase and business start ups are others. They can also be used to borrow from.  @George Blower, the way I would like to structure the deal is as follows: my kiddos would take the distribution of $5500 from their OWN 529 accounts. Those distributions would be deposited into their OWN bank accounts. As custodian of the 529 accounts and bank accounts, I would make the deposit into their own roth ira's. Would this allow all the transactions to fall under my kid's tax return (even though $5500 of income doesn't qualify them to file a tax return)?  Thank you both for reaching out!

I have 2 young kids and therefore have two 529 accounts.  Each has a fair amount of money in them. After doing some research on the flexibility of a 529 as compared to a roth, I have decided to open each kid a roth ira. After researching the subject I know I CANNOT roll over the 529 to the roth. If I did, I would pay income tax and 10% penalty.

QUESTION: If my kids took a $5500 distribution each (which is the max roth contribution, and less than the $10400 max allowed by the irs to NOT file an income tax return) would there be any penalties or taxes to be paid other than the 10% early withdrawal penalty?

Thank you all for the replies!!! Michael Plaks , to my knowledge in TX, when being sued, a plaintiff can go outside the llc. As for the thousands $$$I speak of, I have been quoted between $600-$900 to form an llc. Furthermore, 2 different cpa’s quoted me between $2800-$3100 to do my taxes. This was with only one llc formed. Not sure why its so expensive? I do my own for $40!!! And get all the deductions I spoke of earlier. The only deduction I dont do is home office. Just a desk in the bedroom. THANK YALL AGAIN!!

I live in TEXAS. Not sure if the laws are different here. I currently own 3 rentals and hold them in my name. I am not sure if I need an LLC. I have good insurance policies in place as well as an umbrella policy. I have a grasp on the basics of what kind of protection an LLC provides. If I get sued, the plaintiff can come after me personally even with an LLC in place. Not much protection but gives a layer of anonymity. Also, What tax advantages are available to me with an LLC? I have all the standard write offs, depreciation, I pay my kiddos $6k each. And this year some of my W-2 income was tax free because I had a small loss with my real estate. What else is there???? I don’t want to pay a cpa thousands of dollars for something I am already doing. Thank you all.

Tenant has good rental history with me. Has had a condition that qualified them for short term disability. This gives them 60% of their salary through their employer. Am I required to reduce their rents? I have a good product and finding someone else, just a good, will be no issue.

I am looking for recommendations for a local CPA and/or tax strategist. Any referrals will be looked into. Thank you all.

Awesome!!!! So glad to hear!

SF lending! Thats the one @VictorAlves works with/for!!!

Rehab should be comparable to the neighborhood. But if you live there, make it something you like too, as long as its not too crazy or expensive Hard money- try jet lending or hit up Victor Alves on here or FB. He works for one and I cant remember the name. Cash out refi- bank of Texas. They have a location in the Colonade. As for Tom Baykasa. Any smaller local bank is better suited for this. Frost bank, lone star capital, etc. 80% - the closer you get to 80% the higher the interest rate will be. If you can keep it closer to 70-75% LTV your rate will be better Seasoning- if you live there it should be for about a year. So you have seasoned it enough. Most lenders base the rate they give you, as an owner-occupant (OO). And the fine print will prolly say how long you need to live in the home. Usually 365 contiguous days. Hope this help

Alamo title at the colonade!! Talk to sally schopp! We will be doing a few closings with her this year and she cut us a deal already!