All Forum Posts by: Joseph Palmiero

It won't make a difference what name is on the property.  It will be taxes the same either way.  

Depending on your wife's parents current heath and net worth it also might be wise to review this plan with an elder law attorney so that there are no suprises if they need nursing home care down the road.

@Kevin Sobilo is right on.  If the property is owned by you only there will be no impact on you taxes.

I think setting up a LLC is a distraction and unnecessary early in the investment process. Just keep track of your expeses and set up your LLC when the property is under contract.

Code Section 121

Any gains up to $250,000 for single filers and $500,000 filing jointly will be tax free.  You will have to pay tax on the depreciation recapture.

You may need to find a private partner for your SDIRA to help finance the construction.

I had a client use them a year ago.  They seemed  pretty solid and checked all the boxes.  

I agree with a lot of what was already said.

I would look for an tax professional focused on real estate investors.

Then agree on what you want and the price upfront.

401(k) plans are generally exempt from UDFI taxes. That would be one advantage over the IRA.

That post had a lot of gold nuggets! Thank you for sharing.