11 June 2020 | 6 replies
In addition, if you are self-employed with no full-time employees you may wish to consider opening a Solo 401k instead of a self-directed IRA as it has several advantages over an IRA LLC such as much higher contribution limits, direct checkbook control (i.e. no need to have the account at a specialty trust company), ability to take a 401k loan, exclusion from unrelated debt finance income tax with respect to investment in real estate acquired with non-recourse financing, etc.In addition, please note if you purchase debt-financed real estate with your IRA, unrelated debt finance income tax should apply to the income attributable to debt-financed real estate held by your IRA.
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6 August 2020 | 5 replies
@Dustin PetersIf you are self-employed with no full-time employees (even though you have a separate w-2 job), you would be eligible to establish a self-directed Solo 401k.You could then make contributions to the Solo 401k from your self-employment income (i.e. w-2 income when your business is taxed as an S-corporation, 1099-misc income if you are a sole proprietor).If your plan allows for it, you can make pre-tax, Roth (or even additional voluntary after-tax) contributions.Contributions can be made as both employee and employer contributions (since you wear both hats):The employee contribution limit is 100% of your w-2 wages up to $19,500 (or an additional $6,500 if you are 50 or older) provided that you are not making employee contributions to another plan (e.g. if you have a day job with a 401k plan).
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9 August 2020 | 22 replies
The point is, I now have a choice, and that in itself is hugely valuable in instilling a sense of control over your life which contributes to lower stress.
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12 August 2020 | 20 replies
@Brian Ellis withdrawing your contributions from your Roth IRA is tax and penalty free.
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2 August 2020 | 6 replies
ibuyers can be contributed to lower inventories but also the overall Pandemic of Covid.
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2 August 2020 | 4 replies
I am the point man and manager on everything though: I find and negotiate the deals and then I manage them for a fee off the top...I've always contributed my % of the money (no sweat equity) - none of my partners are active, most lack experience, and will follow my lead.
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3 August 2020 | 14 replies
My husband has a pension plan at work which he makes mandatory 8% contributions to.
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10 August 2020 | 2 replies
I hope to have my own stories to contribute soon.
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14 August 2020 | 18 replies
I have a small amount saved up (15k) and I will be getting a sum from my dad to help contribute (somewhere between 10-40k) and I have a friend that wants to partner with me, he has money but no credit/job history for a loan (50k)I want to buy my first home locally so I can still commute to my job in Brentwood (probably South LA/Inglewood) and I'm planning on house hacking.
12 August 2020 | 6 replies
If you are paying below market value and then contributing to her new mortgage, get everything written up by the lawyer handling the sales.