All Forum Posts by: Carl Fischer

@Zariyan Stark

Yes you can negotiate irs liens. There are also attorneys and companies that will do it for you. Google it. 

@Karina Ruiz

I like them all.  I use the Traditional and Roth IRAs, 401k, HSAs, and CESAs. 
SEPs and SIMPLEs are also good for some businesses. The more you have the faster you build the wealth. You can withdraw your money from the HSAs and CESAs at any time at your discretion. There are also ways to retire and take penalty free withdrawals, from IRAS and 401Ks, prior to turning 59.5 years old. Don’t limit yourself or family. Get as many accounts as soon as you can establish and fund them. Good luck. 

Not knowing all the legal aspects —Possibly offer to give him more time but lower the sale price as well. Do an addendum with the new dates and price and get legal words for if the new terms are not met that the deposit will be returned. 

@Scott Anderson

Congrats on getting started in real estate.

I use a cpa. Filing your taxes is one thing and having a tax advisor/cpa is another. I use a couple of CPAs for both tasks. 
I don’t know your background and skills nor your personal situation- but unless you know a lot about taxes and tax code -get an advisor. 2019 is over and you can’t do much to change it. Use the advisor now to help you understand the 2020 tax ramifications and what you should be doing in the future to best meet your goals and minimize taxes. Maybe also what you should have done differently. Most of what you will learn can save money year after year for the rest of your life. I would say tax advisors are most important in the beginning. 
At a minimum, Cpas are cheap insurance  and another set of experienced eyes that look at way more situations and tax returns than I do. 

@Vincent Catanzaro

As the other posters mentioned, a CPA is not required for setting up an account. You would simply need to choose an administrator or custodian to have your SDIRA with, bigger pockets has compiled a list available here. The use of a professional such as a CPA, Attorney or Advisor come in as most custodians and administrators are prohibited from providing investment or tax advice. The administrator or custodian can tell you what your various account types or structure options may be or how to complete a transaction, but they can not tell you what investment you should choose. Sometimes certain deals are more complex in their structure and you may want or need an attorney to draw up the paperwork to ensure it is done in accordance to IRS regulations. 

@Sienna Parker, similiarly to what @Mike Terry shared, self-directing your 401(k) is an option. A self-directed account is typically an IRA, Roth IRA or 401(k) account that allows you to invest in things you know and understand such as real estate. All income flows back to the account.

If you are still working for the company and wanted to self-direct your retirement funds, you can check with your employer to see if your plan allows for an "in-plan rollover". If you are able to do a rollover, you can move those funds into a retirement account with a similar tax status as your retirement funds (pre or post tax). While this rollover is not a taxable event, it is reportable. If you have any additional questions on this, let's connect and I can help answer them.   

You have to check with your TSP provider and see if you are allowed to convert/rollover to an IRA. You and your wife will have to have separate IRAs -they cannot be combined into one IRA. However the IRAs could invest in the same property with an equivalent percentage of ownership based on the money spent from each Ira.

@David Pere is suggesting you don’t sell low and buy high and it may be prudent advice today. 
it is cheap and easy to open up an SDIRA  so you are prepared if you want to use it. 

@Jacob Sampson
Yes you can use an LOC to fund a Roth IRA as long as you have earned income-either monthly or all at once. I don't understand how you think that's a tax savings though?

what if your traditional Ira sold an asset to your Roth IRA?-obviously a prohibited transaction. I think it's stupid that you can't roll over a Roth IRA into a Roth 401(k) but it wouldn't be the first IRS rule that I thought was stupid. Also research the "indirect rule" it will also tell you not to do it.

I personally would not take out any $$$ for taxes because you may pay a penalty (age) and be taxed on that amount.  you don’t have to pay taxes until next year -12 months. Use that money to earn money for a year and only if you can’t beg, borrow or steal the taxes take a distribution next year at tax time. It is so hard to get money into tax advantaged plans don’t ever take it out unless it is your last resort. 
Bring in your professionals to vet my opinions/strategies and due what you feel good doing. Good luck.