All Forum Posts by: Don B.
Don B. has started 1 posts and replied 2 times.
@Jay Yoo if it's just a regular 401k, and you have it in normal stock/managed funds etc - the distribution should be taxed as regular income for you. NOT cap gains
this is unfortunate, as your income rate is going to be higher than long term cap gains obviously. Fed + state tax rate is what you'd pay. Typically, if you took it out early, you'd also pay an additional 10% penalty. This is the only thing waived via CARES act.
Post: Buying property from 50/50 partner. How to structure buyout?
- Posts 2
- Votes 1
Hey BP,
Long time reader/lurker. Decided I finally needed to make an account to ask a question! I own property (vacant land) 50/50 with a partner in a manager/manager LLC. Land may have development potential, may not. Either way, I'd like to have it. For investment or personal use.
If partner were agreeable to sell his half to me - how should that be structured? Form a new entity and buy it from our current one? And dissolve current LLC? Or buy his shares in our current LLC? I want to eventually have the property in a different LLC regardless. So even if I bought his share of our current - I'd eventually transfer it. Trying to think of tax / legal implications here.
Would your answer change if he agreed to seller finance his half to me? How would that work?
Appreciate it guys!