1 November 2016 | 5 replies
Pawnshops love taking womens shoes and jewelry as collateral to make mortgage payments.
15 November 2016 | 5 replies
Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m).The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (checkbook IRA) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2016, the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)
13 January 2020 | 95 replies
Precious owner bought at $550K about 7 years earlier only to lose it to the bank...Put $40K down, renting $3250 a month since 2012...Market value of $850K today....But gone are those sweet times
27 January 2020 | 168 replies
@Blake Edwards liquid/ precious metals.
6 January 2020 | 127 replies
Equity is precious, and for most of the deals we try to keep equity and instead take on private debt (private/hard $).
4 August 2020 | 8 replies
I am not a huge fan of precious metals.
26 April 2019 | 78 replies
Companies that are willing to spend their two most precious resources - time and money - on building a metrics-driven business should ultimately succeed and help their clients succeed.
25 January 2023 | 8 replies
Have you ever seen a price tag on a piece of jewelry anywhere or on anything at Marshall's that does not indicate some 50% "savings"?
30 January 2020 | 88 replies
SO the point is, if you have good MARKET cap rate ALL the time, you can keep it and continue cashout, but if the MARKET cap rate becomes too low, it is much better to sell it and find a better use of your precious fund.
18 March 2020 | 61 replies
Then one started finding faults with the other wholesaler and vice versa, both kept telling me that there are consequences of sharing their precious deals with anybody else.