I am purchasing a property through my IRA via an LLC with checkbook control.How hands on can I be managing it?
157296
Don't do it!! Run in the opposite direction.\n\nThe last time I started purchasing a property, the LLC was a front for a big bunch of scam artists.\n\nRun Man!! do it now!!
376405
If you choose to stay a sole proprietorship, any and all liabilities go straight through to you personally.  Your home and all your assets can be seized if a judgment is obtained against you.  The same for being a general partner in a partnership.  A corporation is clumsy for a home-based business, is expensive to set up, and "piercing the corporate veil" is easy if anyone decides to sue you, UNLESS you've been super-meticulous about keeping records, holding shareholder meetings, director meetings and so forth and keeping written minutes (records) of those meetings.  It's easy with a personally owned corp., for someone suing you to argue that it's just a sham corp., the owner's alter-ego.  The corporate veil has thereby been pierced; you're worse off than if you'd never filed an Articles Of Incorporation.\n\nAn LLC is the way to go: unlike Corp., your income is not subject to double taxation.  But LEARN about these at Borders Books or Barnes & Noble first, before filing an L.L.C. "Articles Of Organization" with your state.  In my state, it costs $ 125. to do that, plus filing what's called a "Docketing Statement."  Learn from spending a few evenings in these bookstores (and perhaps investing in a couple of the better books, found in the Business And Money Management area of the store) what you need to know and how the finances of an L.L.C. will need to be looked-after.  You will probably be REQUIRED by your state, to have the words "Limited Liability Corporation" or "L.L.C." in your business's legal name.  That will necessitate a new business license, or at least a change of name on your existing license.  Do it right, and an L.L.C. will keep you safe in the event of a claim.  This (structure as an L.L.C.) is no substitute for general liability insurance; carry that as well.  ecommrc at yahoo dot com Jack Nelson Harrisburg, PA
405976
What you may want to do is sell the 1/2 acre and use the funds for upgrading the rest of your property. If your property is worth that much I would sell it myself and keep the commission you would waste on using a Realtor. Use only the cash you need at that moment and split the rest into 2 to 4 pieces and put the cash in separate 6 and 12 month CD's That way as you need cash you should have CD's mature and you can at that time decide to roll it over or cash it out if you need it. WHY BE A SUCKER TO THE BANKING INDUSTRY.
1154873
Do you live in a community property state? That makes a huge difference. I believe 401Ks are safe, but you ought to check in your state.
58210
I own a fourplex and a house.  I love receiving rent check but you also have to keep in mind you will be the landlord if you don't use property management.  It's also depends on if you really need the money from selling your home.  You could sell it and invest or you could keep it and collect rent for 15 years and the sell it.  By doing that you have made money on the rent "maybe" and the house may be worth more by time you sell it.  Or my favorite, you could keep it and rent it out forever and use it as a retirement check so to speak and when it falls down just use the insurance money to rebuild. ;)
1081602
FOREVER\n\nincome tax returns\nincome tax payment checks\nlegal records (marriage, divorce, death certificates, etc)\nretirement and pension records\nrecords related to a home/property you own (retain for six years after property sale)\nhome/property improvement receipts (if tax-related; retain for six years after property sale)\nrecords related to insurance claims, including medical, and/or car accidents (major)\nrecords related to inheritances/financial gifts received (major)\n\n\nSIX YEARS\n\nbank statements, reconciliations and cancelled checks\ncanceled payroll, pay stubs and dividend checks\nother personnel and payroll records\nsupporting documents for tax returns\ncar accident reports and insurance claims, including medical (minor)\nmedical bills (if tax-related)\nstock, mutual fund and bond transaction records (keep for 6 years beyond selling)  ... you can dispose of monthly statements after detailed annual summary is provided by investment company\nrecords related to inheritances/financial gifts received (minor)\nnon real estate loans that have been paid off\n\n\n\nTHREE YEARS\n\ncredit card statements\nroutine medical claims such as prescriptions and check ups (in case of insurance disputes)\nutility records (for internal use)\nexpired insurance policies\n\n\n\nOTHER\n\ncar records (keep until the car is sold)\ncredit card receipts (keep until verified on your statement)\nin force insurance policies (keep for the life of the policy)\nmortgages / deeds / leases (keep 6 years beyond the agreement)\nreceipts needed for warranties (keep for as long as you own item)\nwill/estate documents (keep forever, and provide copies to executor, as well as primary beneficiaries)
812701
How about a sales/purchase agreement?\n\nThis document defines the parties, price and terms, what is included and excluded, assignment of lease(s), representations and warranties, time, date and location of closing, allocation of purchase price, responsibilities for taxes and fees, etc.\n\nIt is essential for you to have one.\n\nMichael Casey CPA\nBusiness Consultant\n608-271-0068
547786
LLC with C-Corp as organizer. Double protection, best limit of liability since you will have guests/customers on your property.
1137232
You should have a CPA go over your documents. It would be worth the money.
761848
Congratulations on starting your own C corp. - now come the fun!\n\nI currently run four companies with one being a full C Corp and the others being LLC - I wanted to set up partnerships, however, my accountant/lawyer showed me where the state that I am in does not allow partnerships.\n\nOK - the very next thing you should do (even before transferring the vehicle) is to find a really good accountant for C Corps - this will be a LOT HARDER than it sounds.  As I have already noted, I found one that is both an accountant and a tax lawyer (even more rare)!  You want to find someone who really understands small C Corps and is willing to push to get all the tax benefits for you that are legal in today’s tax code.  Many accountants do not really understand the tax codes for small C Corps.  This one item can save you tens of thousands of dollars in very short order!\n\nMy advice here is to read the book Rich Dad Poor Dad (if you have not already) and use that as a basis to question accountants to see if they know how the tax codes work for small C corps.\n\nThe next thing to do is start setting up your advertising to be as much word of mouth as you can possible stand (good way to use that vehicle to mentioned to get around to network and meetings).  You want to plan as best as you can to ensure that you have as much cash flow as your company will need.  Depending on the type of business you are in, there could be any number of natural ups and downs that you will need to plan for.\n\nAs for the vehicle – again the accountant should be able to advise you best.  I have been told that the safest way to have the company own a vehicle is for the company to lease one.  This then become a full write off.  Yes, you will still need to keep track of mileage and/or other information as directed by your accountant.  The C Corp can also put money in a 401K or other retirement plan for you and your employees.  \n\nYou should set things up so that medical expenses are paid by the C Corp.  My wife retired with a good pension and medical benefits (although the company is cutting back on retiree benefits now), so the C Corp picks up all unpaid medical that is not covered by the insurance company.  Also under medical can be health club dues for medical reasons – thus one of my LLC’s has a fitness complex that is on it’s property that the C Corp then pays dues for the use of it.\n\nYou might also want to check you local area to find out if there are other small C Corp owners.  If so, you might want to ask them to join you in developing a master mind group where you can all share ideas on everything from building your organization to benefits from sharing resources (like accounting, purchasing office supplies, payroll services, etc.).\n\nThus you are right – there are a lot of tricks to the trade of learning how to run a small C Corp to benefit you and the company and also pay your legal (albeit small) amount to Uncle Sam – play like a big boy using their tools in a small company.\n\nGood Luck.\n\n\nAlso, you probably already know the following, but just in case, here is what I typically recommend to those thinking about starting out in business:\n\n\nAnytime you want to start any kind of business, there are several basics that you will need:\n\n* You should first sit down and think about what it is you want to do and then write out the scenario in detail!  This may sound tedious, but it will help you clarify what it is you are thinking about.  Also, when you talk to anyone about the business (mentor, bank, clients, prospective investor), you will have a clear vision to share with him or her.  You can check any number of books at your local library or the Internet for ideas on creating a business plan or goals list.\n\n* Is there anyone out there doing something like what you want to do already?  Can you research what it is that they do and maybe even talk with them about what they do?\n\n* Are there businesses out there that are doing some a
701962
Just claim the income on your taxes for now and keep track of your expenses because you can deduct those (if you do itemized).  I wouldn't start a corporation.  Once you have one of those, you are on the IRS radar screen.  You will probably have to set up a business checking account to track stuff for your corporation, and that won't be free.  You aren't generating enough revenue right now to justify all the paperwork you'd have to keep track of with an LLC.
69639
Depends on how experienced that person is. It's not that difficult. I'm a CPA in Orange County and can help you, but to be honest, Turbo Tax works great. Things you'll want to have handy is your 1098 from your mortgage company (mortgage interest paid, points paid if any, property taxes paid - unless you paid them yourself instead of through impounds), DMV registration (personal property taxes paid on your car), closing statement from when you bought your house (you may find other property taxes paid that is not included on the 1098). There are other deductions that you may be able to get. Turbo Tax walks your through it. I've attached some links that you should print out and read. Regardless of who does your taxes, you should understand what's going on. :)
173236
File an Installment Agreement (Form 9465) with the IRS.  As long as you're trying to hold up your end, they will work with you.  If you don't do anything, they can squeeze you like a turnip.
35984
I would focus on your comfortable monthly payment, and stick with that.  You may be approved for a much higher purchase, but remember, lenders are not your fiduciary; many people get in over their heads, and sure enough a lender was willing to take them there.  A top quality real estate agent will be able to guide you.\n\nAfter you determine your comfortable monthly payment, you might consider purchasing rental or investment property with your leftover financial capability.  A great book to read is The Millionaire Real Estate Investor, by Gary Keller and Dave Jenks.  This is smart as you focus on retirement and college expenses.  Good Luck!
1132639
First, look in the phone book.  There will be many popular companies such as Edward Jones, Merril Lynch, Ameriprise, and also many that are local to your area.  You really should set up a consultation with many of them.  You want to get a feel of how they work and how they get paid.  Some get paid a percent of assets under management and some work for flat fees.  You truly want to completely trust whom you intend to control some of your money.   Basically, they will develop a financial plan for you, depending on your feelings toward risk.  They will offer you many other "products" such as life insurance, long-term care insurance on top of the mutual funds/investment products.  They should develop a financial plan that suits your needs.  Shop around for the best one for you and your family.  Good luck.
518330
Very complete source for every & @ll legal procedures; i liked what i briefly saw. (fyi) you may go directly to State Dept to start filing your Limited Liability Partnership,[at least here in my jurisdiction]co. even w/out notarizing, but if you want to make it that way, perfect; You may also consider an Incorporation since the benefits are extent on behalf of both partties-you as a service/professional provider or licitator and clients/co's that contracts you; If you incorporate and your customers dissagree and start any litigation for insatisfaction against you as resident agent[official incorporator] your private assets  / properties, house, land, personal vehicles won't be in risk, only the assets under corporation will be the ones to respond. Plus you will have higher financial rate when incorporated since corporation acquires its own juridical personality-versus you as an individual in a  Limited Society-partnership.
641815
You can do it, roll the money into a self-directed IRA.  Then you can use the money to buy real estate, however there are alot of tricky rules about this, so read up on it before you try it.  I think you have to be careful not to mix your other funds with the IRA funds, etc.