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7 December 2016 | 10 replies
Following 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; andBoth are prohibited from investing in assets listed under I.R.C. 408(m).The 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 (IRA 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 2016, 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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2 December 2014 | 7 replies
Just add GreenTree and your account number, and they should be able to send electronically each month, without having to fill out GreenTree's auto pay form.
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5 June 2017 | 56 replies
In my next project, I would do a better job screening--specifically diving into questions like the depth of the contractor's team--how many plumber / electrons does he work with, other projects he has going on, etc.#2 Contractor agreement - I would have put a penalty clause in the agreement for every day the contractor went over the deadline for completion.
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28 September 2018 | 13 replies
There is actually a trending discussions about electronic payments on bigger pockets....
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29 July 2014 | 25 replies
KC is also being considered a "Electronic Meka" for the future!
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18 April 2017 | 1 reply
using a mechanical lock box works great for vendors, but I would never give a code, even a 1 time code with an electronic box or lock, you would be trusting the viewer of the property to turn off lights and actually close the door, I think you are taking a lot of risk this way, I had a vendor that left a door open, fortunately i got there before all the pipes froze, some PEX was frozen when I got there, Just be careful, I would Highly recommend paying a manager, they are worth their fee without question.
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30 August 2023 | 8 replies
Make electronic rent collection mandatory.
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11 March 2018 | 1 reply
I’m going to look for an electronic remote switch for this.
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18 February 2016 | 4 replies
if youo want something permanent like that, why not go with the commercial style electronic locks?
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12 March 2016 | 11 replies
Maybe feel them out, buy either way have it drawn up just in case with real signatures (not electronic).