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13 September 2018 | 24 replies
Unless there's a specific statue in the law, wouldn't the landlord's duty to mitigate damages and the prohibition against double-dipping trump any such early termination fees?
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17 November 2018 | 8 replies
Financing for your IRA must be non recourse, a conventional loan is recourse and as such your IRA would be materially benefiting (read prohibited transaction) from your personal guarantee (assuming you somehow could get a lender to agree to this, though that would be highly doubtful).
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18 April 2014 | 16 replies
There is an ethical code for attorney's that prohibits direct contact with represented parties without the permission of their attorney.
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3 February 2017 | 20 replies
There is a company called Lasaii who will structure your inherited IRA to purchase real estate so that you have the flexibility to use it as you want - no prohibited transactions and offset tax liabilities!
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9 March 2023 | 8 replies
EG HVAC seem ok in one case and prohibited in another.
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10 January 2014 | 4 replies
They are not the same thing and in some jurisdictions it is prohibited, and considered a violation of Fair Housing, to deny based on ARREST record.
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26 April 2020 | 9 replies
That's going to be an expensive reno, and probably cost prohibitive if the house is built on a slab.
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15 July 2017 | 5 replies
@Zac BoyerFollowing are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth 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).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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19 August 2021 | 4 replies
I always distinguish between a city that actively allows Airbnb investment properties and a city that allows them only through a lack of prohibition.
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23 May 2021 | 3 replies
One suggestion was that the soil will have to be sifted (that sounds like a crazy amount of work), another was to have the soil turned over and another was to get new soil (this would be a prohibitive amount of soil.