All Forum Posts by: Carl Fischer

 @Kole Moore

Thank you for your service. 

@Ruth Lyons

Most Ira custodians have the eqrp or 401k option available as well. You do need a business with income and a few other rules but it is definitely an option. I think you do the cheap, easy steps first, find out if it for you, and then improve your position as required when you are more experienced and knowledgeable. You can research and read and look at pictures and talk about swimming all you want  but you have to get in the water at some point to swim. $50 is a cheap and easy way to get started. 

@Ruth Lyons bp has a list of SDIRA custodians. I will get you the link shortly. 

@Yoni R.
If you have a judgement against you personally the creditor can go after your assets-including money in the bank, shares of stocks, bonds, ownership interest in an LLC, inherited IRAs, etc. The LLC has some capabilities to make it tougher to get but you are in a precarious position. By the way, that's why they make you sign personally and ask for your financial statement. They don't want to be the one left holding the empty bag.

Most creditors can’t get to life insurance, IRAs, 401ks, etc. Some states also protect your primary residence  

Unless it is the feds/irs then all bets are off. 
Good idea to look at an asset protection strategy. 

@Kole Moore There is a lot of useful information here on this thread. I have found a lot of success in investing in syndication. Like many of the other posters, however, I make sure that I do my proper due diligence and research on the syndication. Typically, I don't like to invest in syndications right away. I like to get to know them and watch how they perform, what plans they have in place for worst case scenarios, and the background and credibility of those running the syndication. I like a balanced syndication. That balance can mean different real estate assets, but it can also stretch across different industries and asset classes. I personally like to use my self-directed Roth IRA to invest in syndications; that way, I can grow the profits tax free!

Based on where the market is, you may structure your deals differently. Asking yourself if you're prepared to do that, or if the syndication is equipped to handle sudden changes, is also a critical part of your investment research as you calculate and assess risk and reward factors. Performing your due diligence can lead you to areas or sectors that were hit hard with a quick recovery or others seeing little change but may also have an upside based on circumstances. Understanding the market conditions and how they affect your investment in a syndication is paramount before and periodically. Great places to look first are Ripoff Report, or by checking with the SEC. If you have any more questions, I would be happy to connect!

@Nicholas Blaylock

Invest it in something you understand and feel comfortable with. Don’t experiment with it. If it’s traditional assets like stocks and bonds pick a brokerage house. If non traditional assets then look for a self directed company. Risk tracks with lack of knowledge and inexperience. Good luck! 

@Michael Plaks

You could be right however the govt wants Ira money, all qualified plan money, back in the system sooner rather than later. Example:  SECURE act limiting inherited IRAs to 10 years vs lifetime. I’ve been watching their madness for decades-it seldom is a frontal attack on the masses but usually hidden in the details of some legislation. 

no tax in a Roth in my opinion beats any tax. I understand your thought process and it is not uncommon. I have both and IMO Roth properties are greatest. Depreciation has to be paid back and  “zero tax l”is better than LTCG Tax. I respect your opinion and wish you the best. Congrats on thinking and looking to take action. 

@Jeffrey A DeAngelis

Yes you can do it but it is prohibited and a penalty would be assessed Most likely declaring the IRA distributed as well. Research the "indirect rule". Self direction of qualified plans is a great tool. Keep it clean -there are many opportunities to succeed without jeopardizing everything. Congrats on the increase in value on your deal.

@Chinmay J.

How  and why did you chose this cpa firm? There are great CPAs in this BP forum who will help you understand the specifics of this situation. 
However, You are so typical of many investors and it is one of my pet peeves. Executing your “due diligence” after signing up. You have to ask your questions before you sign on the dotted line. For example, you like to get your work done before it is due-did you ask the CPAs you interviewed- what percentage of your clients file ahead of deadlines and how soon do they get their refunds? The cpa could of answered with a percentage or could have said we try to make sure our clients don’t overpay taxes during the year and can use that money all year and not wait for a refund. Maybe both answers or more answers. Neither one is right or wrong but you decide what fits your goals and expectations. Make sure you ask questions that are important to you as well as figuring out the CPAs knowledge and execution processes. However this is a learning process and BP forum posts will help you. It’s good to learn from your mistakes but great to learn from others mistakes. Thank you for sharing as your experience can help others.
Follow the CPAs on the forums you can get a good feel for them for free-@Michael Plaks, @Ashish Acharya, @Lance Lvovsky, @Elizabeth Cummings, among others. 

@Nick B.

My feeling is the irs will be lenient on distributions. The taxes they get will help pay for this pandemic. 
I don’t think it is helpful to you to withdraw the money and slowdown your wealth building if it isn’t really a hardship. I have seen people take money from a 401k , that has limited investment options, and move it to an ira so that they have more control but that is non taxable and I can understand and applaud the strategy.