All Forum Posts by: Carl Fischer

You got great info from @Brian Eastman 

Q3. if you are done and “retire” before 59.5 and want to start drawing distributions you can use systematic equal periodic payment (SEPP) with out any penalties -research 72t distributions for the details. Or you can look at paying penalties and taxes, or wait for another pandemic that allows penalty free distributions such as is available today. That’s the options I see. Good luck. 

@Gabriel Benavidez

Your personal residence has a lot of tax benefits and asset protection built in dependent on the state you live in. Florida is really good for asset protection and Tx is also good. As @Michael Plaks suggests the tax difference is minimal on going if it's in an LLC or personal name, but if you live in your primary residence for 2 years or more and sell it you can shelter $250k of capital gains when sold -thus saving taxes. Do the right thing if it's rental property treat it as a rental -if it's a residence treat it as a residence.

I personally buy investment property in my Roth Ira/401k accounts to minimize taxes. Consider using that strategy going forward it has worked well for me. I am a  big fan of tax free income for life. 

Is there a mortgage? If so who is on the hook for it? How much cash do you need to buy the partner out?

Have the partner sell his shares on the open market and you have the “right of first refusal” Buy it or meet your new partner. You may have to pay taxes and or expenses to update paperwork.
Or let the partner buy you out if his price is to high and  he can sell the property. You have a lot of great examples-it happens all the time. 

@James Smith

How much did you convert and how much was non-deductible in total? Confirming you have $12k pretax in your 2 forgotten IRAs.

@James Smith

How much did you convert?

They rent a space or mailbox. 

Great question, @Suzanne Ludlum. BiggerPockets provides a list of self-directed IRA custodians for you to reference on this site. You can check out that list here. Things to consider when choosing a SDIRA custodian are customer service, knowledge, experience, and processing speeds, as they will be integral to ensuring that the investments you have chosen to self-direct are facilitated efficiently. Many investors have found success through investing in alternative assets with their self-directed IRA, including in real estate. You can own residential, commercial, raw or improved land in your IRA.  Once you find the custodian that is right for you, you can make investments in alternative assets to grow your future retirement savings through ways that utilize your personal knowledge and expertise. 

I would be happy to connect and answer any questions you have.  

@Megan Ransome is the owner of the RE still alive? If so she needs to deed the property to the trust as @Ron Flatt suggested. If not, probate court may have to do it. If your not sure get an attorney or title company to help. 

Taxes can be different with the LLC than with a partnership-can be taxed as a Scorp or partnership. In a partnership arrangement You can have a general partner and limited partner in some instances to minimize liability. Talk to your attorney and accountant to see what type of entity is best for you.

Do the 401k tax return- irs form 5500. You don't have to file 5500 until it's FMV is $250,000 but when buying property it makes sense to because you can use losses to offset possible taxes. You also learn before you need to file always a good thing and you start the clock.