21–30 of 306 posts
Earlier quoted context omitted.
Is this really an issue for low- to middle-income earners, or is that just a scare tactic?
Most low to middle income earners struggle to hit their 5k or so maximum of a regular IRA versus operate a self-directed or have the additional funds to make it worth it.
>Under these provisions, you would no longer be allowed to invest your IRA into private placements and single-member LLCs, regardless of your level of income or wealth. Huh. So under current law, you can take your IRA money and "invest" it in a single-member LLC? Wild. Does that let you circumvent the proscription against living in properties you own through your IRA? Since in that case, the "owner" would be the LLC,…
>Under these provisions, you would no longer be allowed to invest your IRA into private placements and single-member LLCs, regardless of your level of income or wealth. Huh. So under current law, you can take your IRA money and "invest" it in a single-member LLC? Wild. Does that let you circumvent the proscription against living in properties you own through your IRA? Since in that case, the "owner" would be the LLC,…
Hey everyone: stop talking about your compliant tax strategies! It’s been nice to want to help people but now, obviously, too many people know of some and their representatives are changing the laws. It’s back to the way it’s always been: if you can afford good lawyers then you get to know of obscure tax codes. Lets leave it that way.
The modern 401(k) practices emerged from one of these then-obscure tax codes, which I view as an unabashedly good outcome.
I'd rather be building something than dealing with tax, but I'm very much incentivized to do the latter (though your situation may differ).
I really hope this doesn’t go away. My self directed IRA in Bitcoin has led me to prosperity. There was no other way to do it with my retirement funds really.
Hey everyone: stop talking about your compliant tax strategies! It’s been nice to want to help people but now, obviously, too many people know of some and their representatives are changing the laws. It’s back to the way it’s always been: if you can afford good lawyers then you get to know of obscure tax codes. Lets leave it that way.
The modern 401(k) practices emerged from one of these then-obscure tax codes, which I view as an unabashedly good outcome.
Self directed IRAs are commonly used with a wholly owned single member LLC to invest IRA funds into real estate related investments such as rental properties or many other types of private investments. The new proposed tax bill seems to remove the ability of the IRA owner to manage that LLC and effectively end the use of checkbook control IRAs.
Is this really an issue for low- to middle-income earners, or is that just a scare tactic?
One example: https://www.choiceapp.io/
>Under these provisions, you would no longer be allowed to invest your IRA into private placements and single-member LLCs, regardless of your level of income or wealth. Huh. So under current law, you can take your IRA money and "invest" it in a single-member LLC? Wild. Does that let you circumvent the proscription against living in properties you own through your IRA? Since in that case, the "owner" would be the LLC,…
I’ve never known anyone to own a property as an IRA holding. Is that possible??
I think you can get non-recourse mortgages, but it's more like 50% down instead of 20% like most non-owner occupied mortgages.
Presumably meant to address high net worth individuals completely dodging taxation on huge gains by using their IRAs for investments like exercising early-stage stock options.[1] I kind of wish they'd go with just capping the gains, but would I still say that if I wasn't planning to use mine to "fund" high-return cryptocurrency arbitrages? 1) https://www.forbes.com/sites/sarahhansen/2021/06/24/peter-th...