All Forum Posts by: Russell Taylor

Thanks for all the replies.   It makes sense to pay the taxes and take it out.  It's only $60k so what I would make on RE investments with that money over the next 10 years should be greatly more than it would in that account.  

I also have an appointment with my tax person and Fidelity.  

I can't thank this community enough for all they have done.  

Here is my situation. I inherited an ira and had to set up an inherited ira, non spouse. I am wanting to cash this out and buy more properties.  I talked to the company holding the ira and I don't have to pay the 10% penalty.   I do have to pay state and federal taxes.  I also realize I will be put into a higher tax bracket and be taxed as income. 

How can I take this money and put it down on a couple properties and use them to negate the tax obligations? 

Background information is that my wife and I have a high w2 income and also started an llc to mange a short term rental that we own. The str is coming along and isn't in a tourist area.  We have it paying for itself right now.  Still working on building that. 

We live near a lot of hospitals and are planning on using this money to buy small multifamily properties and renting them medium term with traveling nurses.  We have already had inquiries about turning the str into medium just for nurses. We would rather use money from the ira.   

Any help and suggestions are greatly appreciated. 

Also thanks to all the people that participate in the BP platforms.    My wife and I owe everyone for the enlightenment into investing.

We are invested in Louisville Ky by the way.

Thanks,

Russell