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9 January 2017 | 1 reply
Hi Phillip, ....just a couple quick thoughts on this: a. on real property, that agreement (assuming it is not labeled a lease-purchaser) would be called a land contract (or contract for deed) and the case would likely be strong that the Buyer would be responsible for repairs; however, with personal property as a mobile home, this type of agreement would likely be treated as an installment purchase...but technically renting until the purchase is complete and title transferred.; and b. when cases are presented in municipal courts regarding rents, defaults, landlord neglect, the landlord-tenant laws and courts would favor the tenant and hold the landlord responsible for Repairs (particularly as it concerns keeping the unit "tenable").
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1 November 2016 | 1 reply
At the phoney posted rated of 4.64% the banks would get about 70 cents of every dollar of your mortgage payment with 30 cents going to the principal.If actual mortgage rates do go up to 4.65% which is what the Government and banks seem to be setting us up for, it would be a transfer of wealth from Canadians to banks.
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2 October 2016 | 27 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 (IRAL 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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21 October 2016 | 25 replies
@Michael Le We indeed see that the $50K limit of money transfer per year for Chinese is indeed being enforced much more strict since January this year.
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7 December 2022 | 7 replies
Hi Eleena, I am in a similar situation I have terrible credit but I have capital around 80k in cryptocurrency that I could easily liquidate and I have about 500k in equity in my current home.
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25 November 2016 | 3 replies
The buyer put's in purchase agreement that the Seller provides the following:rent roll records for last 2 years with copies of all leases, security deposit statements and application records are includedsecurity deposits amounts are listed and are transferred with interest to date of sale.
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29 March 2016 | 14 replies
( carried interest, hurdle rate, after 100% return, etc.)Do you allow the transferability of partnership interests, if so, how do you determine their value?
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4 April 2016 | 8 replies
If I were to buy a property to rent before my buisness is formed would it be easily transfered to my buisness down the road?
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16 January 2016 | 11 replies
I believe in Canada the title/deed to the property must transfer into your name before you can resell.
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16 September 2015 | 2 replies
One of our private investors has asked for some guidance re: transferring to a SD-IRA.Who are the trusted and main companies doing Self Directed and who have you used??