6 September 2016 | 11 replies
Time is precious!
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29 September 2016 | 8 replies
In my previous careers I’ve sold jewelry, and was a land surveyor.In my spare time, which is rare these days, I enjoy hunting, fishing, crafting random furniture my wife wants for her show houses or our home.
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12 April 2022 | 18 replies
@Gary OnstadFollowing are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions;Both are prohibited from investing in assets listed under I.R.C. 408(m); andThe Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IR LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2015; the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)
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28 September 2010 | 34 replies
But if you send them such invitations, you might get to contribute to thier net worth in a way you never imagined.I would also suggest not following what some guru suggests, they won't be paying your fine or wearing your jewelry!
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6 April 2019 | 1 reply
The only primaries you can legally buy are things like getting your rent payments reported or a few jewelry club membership sites paying for other primaries are ILLEGAL.
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4 January 2010 | 54 replies
We've had a robbery claim as well.About 25 years ago, someone broke in and got off with a lot of our belongings (electronics, cameras, jewelry etc).
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18 January 2014 | 9 replies
Then, and only then, will I get in my car and go see a property - time is precious for those with full time jobs.
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9 September 2006 | 1 reply
Seems there was a box of jewelry that was left in the house that was now missing.
4 October 2010 | 2 replies
Investing in real estate is not that different than stocks, bonds, precious metals, art or whatever.