Ridiculous that 10k is the maximum, god forbid you want a down payment on a home, it's not 1960...

Walking the line with all the rules and variables (time) make it more difficult than it needs to be. Thanks Dustin good info.

Yo!! First video I saw when he did the 4 with 4 fingers… I wasn’t mature enough to handle it, but NOW!!! I’m all the way with it!! That shit dope!!! Keep going man! And help me learn how to deal with my money! Thanks!!

I just noticed your right hand and I've watched this video 3 times. Good one.

These rules are only for traditional IRA. With a Roth . You can pull withdraw your ROTH contribution anytime without penalty !

Great video!

Thanks so much

Never ever!

I only subscribed cuz thats a cool chalk board thing

Wow, didn't know this

Can I use the $10k as a down payment for acquiring a rental property? I’ll have more excess cash of course, but I want to be able to rent out the property to pay off the loan and generate cash flow.

You technically can do it for your buddy down the street if you just marry them first :)

Can you help with the following scenario? If you are over age 70 and used IRA to buy house because you can't qualify for mortgage loan because spouse has mental illness and both living on SS, do you have to pay taxes? This is after moving to WA, which doesn't have state income tax.

Here's my question I haven't watched the video all the way through so maybe it's in here but say I take out all my contributions of 10k then I want to take out more but it was all earnings from my stocks can I take another 10k out after that no penalty of earrings?

Hi Jazz that 120 days works(also penalty free) If i take out money in Dec and use in next year Jan(down payment)?

Dustin, can you do a video on Annuities/Variable Annuities? We were recently pitched one and confused about it...seriously considering switching to you guys. Thanks for everything.

can we buy the first house in some other country?

What if I have a SEP and a Roth and a 401k?

Hello, my spouse is over 59 1/2 years of age. We want to relocate to another city. We own our home. We want to buy a new house and use my wife traditional IRA as a down payment then sell our house to use towards the principal of the house we are buying. So the new house will be our primary residence. Do we have to pay taxes on the amount from the traditional IRA account? Thank you

I've been watching several of his videos and just realized he's missing a finger on his right hand. That tripped me out

What about boyfriend or girlfriend? Or would you have to be married

Does the Roth IRA have to be 5 years old?

@johnny14980

Жыл бұрын

Yes I believe so

Another question I think I know this answer but Ill ask. Can I take 10k from a Roth and 10k from traditional

@justinmalabanan8298

3 жыл бұрын

Did you find the answer? That’s my question to? Thoughts

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

Hi I live in California want to move my pension into a rollover IRA, to avoid the penalties does my husband need to be on the Ira account In order to take the 20 k for a down payment of a house?? Please help! Thanks 🙏🏼

@shanicej2522

2 жыл бұрын

I’d love to know because I’m in the exact position

@nursemayra3897

2 жыл бұрын

@@shanicej2522 the answer is yes, and I don’t think it’s posible to do. So I’m only able to do the 10 k without penalty

@shanicej2522

2 жыл бұрын

@@nursemayra3897 thank you for you quick respond and clarification ♥️

I thought this was going to be about buying a rental property in an investment account. It's a really bad idea in my personal opinion due to the arms length rules and that rental property has tax deferred attributes that are worthless in a tax deferred account. Plus self directed IRAs have really high fees. Maybe it can be a future video idea for you. The financial institutions in Austin are pushing it hard because the ROI in the area has been nuts the last decade.

@billyrayband

5 жыл бұрын

I have done it a little. It has some good and bad sides. I have never seen an analysis that shows how good or bad it is. I have only seen hand waving by "people who think they know" either against it or for it. Most investment planners are against it because they do not make any money off these investments. My main reason for doing it is I don't like bonds, treasuries, etc, and would prefer my IRA account hold real estate I can touch and feel, along with equity mutual funds.

@unemployable1747

5 жыл бұрын

@@billyrayband You would be better off holding the real property in your name/LLC, and having REITs in your IRA from a tax perspective in my opinion. Also my investment advisor charges $100 minimum a month for a self directed IRA.

@billyrayband

5 жыл бұрын

@@unemployable1747 You don't need an advisor to have a self directed IRA, tell them to go pound sand The property is owned by my LLC held by the IRA and I write the checks. With a REIT, someone else is choosing the investment properties and someone else is managing it. That exactly what I don't want.

@unemployable1747

5 жыл бұрын

@@billyrayband sorry the bank my advisor works at charges the fee. It's a maintenance fee for the account and, not a management fee from the advisor. The ira can't benefit from depreciation expense or 831 exchanges like individual accounts can. Things that are taxable should go in tax deferred accounts, things that are tax free go in taxable accounts. The impact is the same as holding tbills in an ira instead of an individual account. You do you though. I'm not shaming or judging just giving an opinion and possible video idea for Dustin

@billyrayband

5 жыл бұрын

@@unemployable1747 Also, this is not something you would do if you had a 50K IRA, I would say you would need 200K available of your total IRA assets to get into this. That is because you must pay in full for property in cash, and to justify the LLC setup and annual fees. But I think the numbers can make sense for some.

I know you pay taxes but do you have to pay any fees for taking out those $10,000?

@ripdipcity3322

2 жыл бұрын

I’m not a financial advisor but I think that’s the point of the video. You don’t have to pay the 10% penalty for early withdrawal.

So if your contributions to your Roth exceeds $10,000 you are still limited to $10,000 withdrawal?

@Skullo4

5 жыл бұрын

Well, with the Roth IRA, you can take out your contributions at anytime without taxes and penalty.

will this affect the compound interest in the account?

@PC-qe4rl

Жыл бұрын

no crap. you have less money in the account

What if u own a rental property from ten years ago? U obviously haven’t purchased a primary residence in over two years. But u do still own property. Would that discredit u from using the funds from the Roth? Also, is the 10,000 limit only on the gains or just a total dollar cap? Example: 40,000 in contributions and 10,000 in gains from those contributions. Could u use the entire 50,000 or only the 10,000 before being taxed?

@QuestTrustCompany

4 жыл бұрын

Great Question! Because your 40,000 dollars are made up of contributions, you are eligible to take that out at anytime for any reason. The 10,000 on top of that can be taken out for first time home buyers.

These rules suck.