Fix-And-Flip Due Diligence Checklist

Fix-And-Flip Due Diligence Checklist Pro Tips from Maggie Polisano, Co-Founder, CamaPlan LLC So, you want to flip a house. Congratulations! Fix-and-flip deals can be fun, exciting, and profitable . . . unless you don’t do your homework and fail to prepare for the unexpected. Due diligence is the whole ballgame in real estate investment. Fix-and-flip…

Coins in IRA Owner’s Possession Were Taxable Distributions

From TaxNotes Andrew McNulty et al. v. Commissioner ANDREW MCNULTY AND DONNA MCNULTY, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent UNITED STATES TAX COURT Filed November 18, 2021 Each P established a self-directed individual retirement account (IRA) under I.R.C. sec. 408 and directed assets held in the IRA to invest in a single-member limited liability company (LLC)….

Lesson From The Tax Court: How To Mess Up Your Checkbook IRA

By Bryan Camp The idea that freedom means control over your own destiny s arguably the most defining characteristic of American culture.  It is most certainly the basis on which various companies promote “checkbook IRAs.”  If you Google that term you will find a gaggle of companies urging people to take full control of their retirement…

7 ways to help recession-proof your finances

These articles are not intended as investment or financial advice. Before making any investment decision, talk to your financial, tax, or legal advisers.   By: Sarah Foster * Please See https://www.bankrate.com/personal-finance/smart-money/ways-to-recession-proof-your-finances/for full article.*   At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may…

Watch Out for Prohibited Transactions: These Are the Few Things You Can’t Buy in Your Self-Directed IRA

Self-directed IRAs allow you to invest in a whole lot more than traditional broker-managed IRAs, but there are a handful of things that are not allowed — some for obvious reasons. There are three main categories of what the IRS refers to as “prohibited transactions,” and two of them are fairly straightforward. The last category might need…

Uncovering the Hidden Option of Self-Directed Investing

It’s 2019, and today, it’s all about getting ahead of tomorrow. You’re either starting to prepare for your financial future, or it’s already on the horizon. Of course, we’ve all been warned about the fast-approaching depletion of Social Security and are on notice about a looming recession. Stashing away money feels more urgent than ever. But even if…

Is a Self-Directed IRA Right For Me?

Just like retirement planning isn’t one size fits all, self-directed investing isn’t for everyone. But it’s good to know it’s out there. Our knowledge is always expanding. Needs and opportunities pop up unexpectedly. Maybe someone shares a story that piques our interest in a new frontier. One day, it might make a lot of sense….

Why Tax-Deferred and Tax-Free Are the Best Ways to Invest

An old bit of (good) advice is that the best way to save money is to not spend it. We usually take that to mean curbing shopping sprees, eating at home more often, and maybe using coupons. But a big part of hanging on to your hard-earned cash comes before it ever hits your bank…

Why Your Brokerage Firm Likely Does Not Offer a True Self-Directed IRA

There are a few reasons investment management companies don’t recommend, or even offer, the option of self-directing your assets. For starters, we’ve noticed a general lack of education about nontraditional investing among financial professionals — perhaps because it is nontraditional. It’s not entirely clear why. Another reason is that it could cut into profits. If you’re doing…

Here’s How Self-Directed IRAs Are Different From Other Retirement Accounts

To get right to the point, they’re not that different! As far as the IRS is concerned, self-directed retirement accounts are treated exactly the same as all your other types of retirement accounts. You know from my previous post that self-directed means you choose from a much wider variety of investments and monitor those investments yourself. That’s…