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Results (5,850+)
Shawn Holsapple Sense Financial
30 August 2022 | 22 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 (Checkbook IRA) 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.)
Brent C. Multi Family 10-12 year plan
20 September 2013 | 25 replies
Sometimes cities and counties require all brick exteriors and high quality construction and others times it is a brick façade and sheet metal all around with a cheap box on the interior.There will also always be demand for credit tenants and a consumption economy is what makes the U.S go.
Caleb Math Moving a house??
24 May 2022 | 13 replies
The house is 1200sqft 3bd/1bath, it's fully updated (kitchen and bath) has hardwood floors, new Hvac, vinyl siding, metal roof, and windows all within the last 2 to 3 years.
Andrew York Vacant Land Flip. To improve or not?
5 December 2023 | 2 replies
Also, get quotes/bids as this could get costly to get junk removals especially if you have rubber/metal.
Mary Beth Blackwell Bed Sizing an Airbnb: 2 Twin v. Full
23 January 2023 | 8 replies
Has to be a quality unit, not a cheap metal framed bed.Right now in our kids bunk room we have 2 twin bunk beds in there.
Kostas Gkitzias Thinking about NNN investment with 1,5 million on cash
4 December 2023 | 18 replies
You can buy stuff for 1.5 million cash but mainly crap dollar generals with sheet metal sides and back in weak areas.
Stone Saathoff My first personal real estate investment project
11 November 2020 | 8 replies
We are doing top of the line finishes for the area including a standing seam metal roof, paved driveway, and an attached deck at the back of the house.
Bryan Egner Steps for Purchasing a "For Sale By Owner" in Brevard County Fl
22 May 2021 | 6 replies
I think it's in a good area far enough, yet close enough to the coast/attractions to be used for either a long-term rental or vacation rental.I'm in search of referrals for reliable roofers, plumbers, electricians, and general contractors who could help me tackle the following projects in the Melbourne area:Full roof replacement with a metal roof ($$)Plumbing is functioning, but to make the investment last both as a rental and for re-sale, a full drain/main and water line replacement ($$), and possibly updating one of the bathrooms.A few small electrical repairs I don't think I could do on my ownThe rest is just cosmetic/dated fixes and landscaping which I can tackle on the weekends, but could possibly hire out to a contractor
Chris Allen Preparing For Children's Future
11 April 2022 | 8 replies
Most of the issues that troubled youths go through stem from something that happened from their upbringing, so my simple parenting approach is that I want to make every effort to ensure happy childhood for my kids.For securing children’s financial needs, I have some precious metals to make sure that my savings won’t lose value, and I’m starting to invest in rental properties this year.  
Mike Dawson First Time STR Buyer Questions
31 October 2022 | 22 replies
That was for replacing metal railings and walkways on the entire building, which should have been budgeted for over previous years, and should not have be paid for by a special assessment.