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27 January 2025 | 6 replies
To defer all tax you must purchase in total at least as much as your net sale.
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16 February 2025 | 27 replies
The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.
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30 January 2025 | 8 replies
If you haven’t already, start saving for major capital expenditures.
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27 January 2025 | 10 replies
I 100% endorse adding in the escrows for taxes and insurance to set the buyer/borrower up for success.
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23 January 2025 | 31 replies
This appears to be a 'transfer tax' instead of an income tax.
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24 January 2025 | 18 replies
Set clear goals, save for a down payment, and practice analyzing deals to build your confidence.
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27 January 2025 | 5 replies
If 1031 is to be implemented it must be done on the property level.2. 1031 generally does not apply to IRAs since they are tax-exempt. 3.
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12 February 2025 | 10 replies
Given the market conditions and your hard money loan, it might be wise to first calculate your monthly holding costs, including loan payments, taxes, and maintenance.
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28 January 2025 | 9 replies
Specifically:Will the lender only consider the rental income from the two legally zoned units, even though all three rental incomes are declared on your tax return?
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10 February 2025 | 9 replies
I couldn't save enough money for a down payment on my first real estate investment.