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8 November 2016 | 5 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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16 November 2016 | 18 replies
Cash flow is great there and landlord laws are some of the most friendly in the nation.
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30 January 2018 | 10 replies
Check out this Zumper report:https://www.zumper.com/blog/2016/05/zumper-national-rent-report-may-2016/
9 November 2016 | 1 reply
It is tied into other agencies/departments which together forms the institutional oversight of finance and the economy, that's something that follows the "R" goal of fraud and abuse in banking.
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14 November 2016 | 31 replies
The problem is that folks read NATIONAL news, when a lot of RE is local.Will rates rise and put downward pressure on housing prices, most likely.
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4 April 2017 | 6 replies
Philadelphia really has a diverse real estate market extending opportunities in all categories.Big suggestion to join Diversified Investors Group your local REIA Linked to National REIA which extends education, networking and opportunities.House Hacking is a hot movement right now whether using FHA or Freddie Home Possible.Let me know if there are any questions.Regards,Joe Scorese
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4 April 2017 | 4 replies
The management company is Alliance, a major national company, so the likely hood of them needing to get funding is slim.
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4 April 2017 | 1 reply
It adds confidence, too, having a financial institution do the accounting, monthly statements, etc.
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12 September 2018 | 27 replies
Years of speaking (even keynoting) at national internet marketing conferences, and hiring dozens of digital marketers, I hear a lot of game - people who can talk all day, but when it comes down to it, can't deliver.
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6 April 2017 | 4 replies
I currently use the tools of quantitative risk management to help manage large consumer loan portfolios at a financial institution.