Question:Â Â Â Â Â Â Â I have a significant balance in my individual retirement account. Can I use my IRA to purchase real estate?
Answer:Â Â Â Â Â Â Â Â Â You can purchase real estate from your IRA. Various requirements must be satisfied to comply with IRA real estate purchases, however, and the failure to adhere to the requirements can be costly from a tax perspective.
Question: Â I am contemplating selling my vacation home which my family uses for personal purposes and also rents to third parties. If I purchase a new vacation home, can I defer the recognition of gain on the sale through a tax-deferred exchange?
Contributors:Â Jordan Melvin, Danielle Pearlman, Jason Newton
Question: Â Â Â Â Â Â One of my employees is leaving the company but will continue to render services for our business. Is there a problem if I treat the worker as an independent contractor?
Welcome to National Estate Planning Awareness Week! It arrives when studies show that nearly 67% of adults lack an up-to-date estate plan. At SFBBG, we are committed to addressing this dire situation.
Welcome to Q4 2022! We are wishing all of our SFBBG clients and friends a strong and successful close out to the year. As we look to the start of 2023, we would like to highlight a few significant new laws that take effect in Illinois effective January 1.
Question: Â Â Â Â Â Â I hold incentive stock options which I received from my employer. Since the stock is trading above the option exercise price, should I exercise the options and acquire shares of employer stock or do a cashless exercise?
Question: I just sold stock in my corporation to a third party and received a cash payment upfront with the balance of the sale proceeds to be paid to me in the future. Since I do not need the additional funds, can I make a gift to my children of the right to the future payments?
For many small business owners, the key retirement plan decision is not what type of plan to adopt, but where the 401(k) plan funds should be invested. While 401(k) plans are the overwhelmingly popular plan of choice for employers, consider that alternative plan design options are available to maximize benefits for company owners with both 401(k) plans and other types of qualified retirement plans.
Question: I want to create a deferred compensation plan for certain highly paid employees of my company to provide additional benefits for them, separate and apart from the company profit sharing and 401(k) plan. Can you advise what obstacles I must be concerned with?