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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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16 February 2025 | 70 replies
Rehabbing the center row house and getting people to reside there helps all.
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16 January 2025 | 3 replies
I have found that I get more appreciation on the single family house because I can sell it to an investor or as a primary residence.
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13 January 2025 | 4 replies
Just be sure to clarify that she isn’t a leaseholder but is authorized to reside in the unit.If you’re concerned about liability or want more peace of mind, you could ask the primary applicant for additional security, such as a higher deposit, depending on what’s allowed under Colorado law.
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13 January 2025 | 11 replies
Hey @Brett RiemensniderThere are a TON of banks/credit unions that will offer as low as Prime on a heloc on your primary residence.
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13 January 2025 | 3 replies
I had planned on buying a new primary residence that needs a rehab that i can get way under market value.
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13 January 2025 | 0 replies
land sale is in Northern PA, but we are currently NY residents.
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9 January 2025 | 9 replies
In short, I purchased my primary residence in 2017.
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23 January 2025 | 45 replies
Kind of hard to see why you would not want to press this button and try to pay it down/off as soon as possible, if it's your primary home.It's very unlikely you'll regret purchasing a primary residence in Boston if the market rallies, and if the market downturns.
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21 January 2025 | 31 replies
They claim only 2-3 percent of the companies are audited so the more clientele they have the percentage of audits will be less even if they make some calculated risks.Few Deductions they highlight which you can get with proper planning and right CPA.1) 119A - Revenue stream bifurcation2) Augusta Loophole 280A - use primary residence for 14 days of business and pay you back without tax implications.3) Paying your medical and children education fee using c-corp4) offcourse the famous charitable llc - another program and package.Thanks for the insight.