All Forum Posts by: Joe Schultz

Gail Greenburg,

I didn't know how it worked but now I know that I have to go through the custodian. 

Note: I was hoping that it all just changed at the age of 59 1/2, apparently, I was dreaming. LOL 

Yes, mine is similar.

I appreciate your help.

Thank you, Joe

Thank you

Brian Eastman, 

I appreciate your help.

Thank you

Brian Eastman

just to make sure that I understand this.

I have a few questions:

1) So there is a process that I need to follow to take a distribution. I need to go through the custodian, correct?

2) If I wanted to get a property(ies) out of the SEP IRA, I would need to talk to the custodian and follow their rules for doing this, is that right?

3) If I take a distribution (weather that is rental income or remove the property from the IRA) I will have to pay taxes (income tax) on this, correct?

4) My age has nothing to do with this now, but the rules of the SEP IRA will still apply.

5) Do you know where I could find information/book on this? 

Note: It would be nice to know more about this so I could be wise about how I handle this.

Thank you, Joe Schultz

Brian Eastman

just to make sure that I understand this.

I have a few questions:

1) So there is a process that I need to follow to take a distribution. I need to go through the custodian, correct?

2) If I wanted to get a property(ies) out of the SEP IRA, I would need to talk to the custodian and follow their rules for doing this, is that right?

3) If I take a distribution (weather that is rental income or remove the property from the IRA) I will have to pay taxes (income tax) on this, correct?

4) My age has nothing to do with this now, but the rules of the SEP IRA will still apply.

5) Do you know where I could find information/book on this? 

Note: It would be nice to know more about this so I could be wise about how I handle this.

Thank you, Joe Schultz

I just turned 59 1/2 can I now take money out of my self-directed IRA (SEP) without any penalty?

If I do, does this require taking social security as retirement? Are there any consequences?

Do I need to wait until I retire, to use this money?

I don't want to be penalized. 

I just want to know how to properly do this now or when it makes the most sense etc.

Notes:

I am sure that I will have to pay taxes on any that I take out, taxed as income.

I am considering this, mostly so that I could use on other deals (not separate from my regular income, savings.

Any thoughts on this would be appreciated.

Thank you, Joe

I have not developed the rv park, my septic installer suggested waiting since I prices have increased so much.

how about your project?

I just turned 59 1/2 can I now take money out of my self-directed IRA (SEP) without any penalty?

If I do, does this require taking social security as retirement?

Notes:

I am sure that I will have to pay taxes on any that I take out, taxed as income.

I am considering this, mostly so that I could use on other deals (not separate from my regular income, savings.

Any thoughts on this would be appreciated.

Thank you, Joe

Half of my renters pay in person, some direct deposit and mail or deliver to my designated place (home).

what do you think is the best way to handle this?

Notes: I see that when the bring it in person, this develops more of a relationship.

Electronically is easier, once they learn the system but it will probably cost some to do this. It's probably easier for someone to hack into (even though I am sure there are things to do to help this be quite secure).

Direct deposit,  I have to give them part of my account number (is there a better way?).

Thank you, Joe

Helping your stepfather...awesome. If you lived there for 6 months or a year (even if in a RV, maybe) you would qualify for the cheapest types of loans. Not sure about all the requirements to meet this type of a loan but thought this might be helpful.

God bless you, Joe