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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.)
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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.
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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.
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5 December 2023 | 2 replies
Also, get quotes/bids as this could get costly to get junk removals especially if you have rubber/metal.
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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.
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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.
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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.
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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
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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.
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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.