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26 March 2018 | 17 replies
Try not to create artificial vacancy if possible.
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3 April 2018 | 8 replies
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 2018, the solo 401k contribution limit is $55,000, 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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25 March 2018 | 3 replies
Please point me in the correct direction if I've put this in the wrong place.I have wanted to invest in multi-family for a while now, just recently creating a single-member LLC to do this.
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4 April 2018 | 55 replies
But I also try to create win-win situations and having a car parked in my driveway at a vacant house at night I see as a positive.
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10 April 2018 | 39 replies
Any time you buy a property with existing tenants, you should create an estoppel certificate.
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25 March 2018 | 0 replies
Is it possible to create one LLC to purchase real estate as and investor while also using the LLC for a Uber driving business?
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17 June 2018 | 4 replies
We are still looking to automate alot of our business but at least with Hootsuite you can schedule out posts you have created in advance.
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26 March 2018 | 2 replies
I would not be looking at buy and hold to create retirement income stream at this point in your life.
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26 March 2018 | 4 replies
I want to create a map outlining A,B,C and D areas so if anyone also has some suggestions on how to best do that I would really appreacite thank you very much!
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3 May 2019 | 9 replies
Is there a market in your area to cultivate management services for AirBNB owners that creates enough income for you as well as the owner?