Quote:
Originally Posted by GregWeld
In our personal situation - "retirement" accounts don't make any sense. I've already BEEN retired 23 years... Gwen has retired TWICE... and she's younger than I am. So the point it - in a retirement account we'd have money tied up that we'd have no access too. Having said that we do have them and they're 7 figure accounts... but that's because they were well invested and have been for many years.
Now --- You have to be really really careful about buying REAL ESTATE investments AKA "passive" investments inside a retirement account. I have done that - mistakenly - and that IRA had to file an income tax form every year and pay taxes. I'm not a "tax" guy... Taxes are way too complicated for my feeble brain - and my stuff if far far too complicated (last years filing was almost 200 pages!). So I stay away from stuff I don't understand as I've made that mistake in the past.
The other thing is -- DIVIDENDS -- are taxed at 20%. They're NOT "earned income" or interest... and the LLC's I've invested in are DIVIDEND paying set ups. That -- and much of the income - if not all of it - is offset by the DEPRECIATION that you get (again - complicated and much more to it than meets the eye). I first got into real estate LLC's via my tax accountant... so since he put his money where his mouth is - and understood our situation - if he said I should do it - I did. Other than that.... I'm an idiot about most of it. The part I do know -- every one of them has worked out in OMG fashion... OMG as in GREAT.
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Thanks for your reply on this Greg