Tom Kaider
Chicago NW Suburbs Investor Meetup, Saturday, Jan. 30th
7 March 2017 | 4 replies
At least decide on the participants and move it forward.
Angela DeBorja
Can I Take Over House Payments- Buying House Cheap from a Friend
23 June 2016 | 12 replies
However this has risks which have been debated here many times.If the rent barely covers her mortgage then why would it be a good deal for you?
Edmund Ricker
Anyone Using Self Directed IRA
2 June 2016 | 9 replies
Following is why: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;Both are prohibited from investing in assets listed under I.R.C. 408(m); andThe 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 2015; 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.)
Gary Levison
New member from NY, roots in Ohio
1 June 2016 | 3 replies
I was offered 2 opportunities to invest in new real estate developments in the past year, and opted not to participate because I didn't feel confident I understood what I was doing.
Verity Macdonald
England UK property at auction with access owned by a 3rd party
19 November 2022 | 5 replies
I need urgent help to make a decision in time to participate in the auction!
Jaime Mitchell
Unresponsive tenant - what do I do?
20 November 2022 | 15 replies
Remember, they have barely any reason to be overly communicative or accommodating in this situation.
Sydney Rae
Separating Active Duty - Proof of Income
22 November 2022 | 2 replies
I don't know how the bank managed to qualify for me, but I know that I barely squeaked in and had to keep my price lower than I wanted.You can get a new job and use the Letter of Hire to show your future income.
Rebecca Thacker
Real Estate Professional Help - Title Company Owner #689
22 November 2022 | 0 replies
What would he need to do to materially participate in long term rentals he acquires?
J. Mitchell Bernier
Eat the Rich-Netflix Series and Gamestop
22 November 2022 | 1 reply
However, what they found out is that by just participating in the market, SPOILER ALERT, they were helping out Wall Street.