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6 December 2019 | 3 replies
Monthly initial AHP distribution (before compounding): $235/month (reinvested).Net benefit: $134/month.
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6 December 2019 | 13 replies
If they allow Dad to take an early distribution and gift them to you to reinvest (if it is in range) then you could avoid taxes on the income and gift tax.
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2 February 2021 | 16 replies
The funds came from a company, I will not name, who pools funds/crowd funds and distributes - not you...
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12 December 2019 | 12 replies
Plus at retirement age you have to sell to start making RMD’s, unless this is a small portion of your retirement IRA funds...Most likely anyone inheriting it would have to sell to take their require distributions.
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8 December 2019 | 6 replies
You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-ez for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.4.
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9 December 2019 | 6 replies
You haven't stated:(1) whether you're holding your checkbook LLC interest through a Solo 401(k), SDIRA, or some other tax exempt entity.(2) whether the cash from the refi will be distributed from the partnership (i.e. debt-financed distribution) or kept in the partnership and reinvested.For a property with a FMV of $1,950,000, onboarding a tax professional who has a solid understanding of partnership tax law, UBTI, and UDFI may keep you out of trouble.
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8 December 2019 | 1 reply
You need money; nothing says it has to be your money.There are other avenues to purchase property with a small amount of money down - check out Brandon Turner's book on "Low and No Money Down" in the BP store if you want an overview on the different techniques people use.
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8 December 2019 | 2 replies
Basic Rule - You should almost never pay for personal expenses directly from your LLC account; first make an owner distribution to yourself personally and then pay for the item from your personal account.
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10 December 2019 | 39 replies
@Steven HersheyI wouldn’t accept the 7% return from your 401k, you need to learn what funds are available and re distribute your balance among those funds to get a better return.
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10 December 2019 | 7 replies
I would avoid too much back and forth with personal and business. may be just do a standard distribution to your self once a month or quarter as your profit to pay taxes on.