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22 March 2016 | 8 replies
And don't ex-meth houses have all sorts of code violations that are prohibitive to overcome?...
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1 May 2016 | 4 replies
BP prohibits me providing his name and contact info in this forum, but I shall be glad to share it privately.
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24 October 2016 | 4 replies
I tried to send John's cell earlier, but bigger pockets prohibits numbers and emails so I'm not sure how to get John's cell to you.
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5 January 2014 | 7 replies
Germain Act which prohibits a lender from exercising the "due on sale" clause when a relative inherits a property applies ONLY if the relative (you in this case) is a person who occupies or will occupy the property.
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24 October 2017 | 14 replies
Having said that if you are only looking for one deal direct mail may become cost prohibitive.
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31 January 2018 | 8 replies
I sometimes work with a few folks from other, more cost prohibitive markets, who like the benefits of the MI market / mid-west market.
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29 January 2018 | 4 replies
[Either Landlord or Tenant may break the lease by providing 60 days written notice and a set fee to the other party.]Smoking is prohibited inside any building on the premises.
11 January 2018 | 4 replies
You may also ask the IRS/DOL for a Prohibited Transaction Exemption(PTE) and buy it from your IRA.
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30 January 2018 | 3 replies
If you are not self-employed then an IRA can also be opened.Following 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; 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 2017, the solo 401k contribution limit is $54,000, 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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28 February 2018 | 6 replies
@Usman U.What you are trying to do cannot be accomplished because it is prohibited for either a self-directed 401(k) or an IRA to purchase an asset such as real estate that you already own.