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Trump for prez?
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<blockquote data-quote="TacomaJD" data-source="post: 671858" data-attributes="member: 1780"><p>I am 30. I try not to mess with my 401k money much, but yeah it ends up being that if I wanted to take a sum of money out of it, the penalty and taxes are more than canceled out by the employer matching portion. I've only withdrew a small lump sum from it once in the 10 years I've had it. Borrowed a couple small loans against it too. One time $50 fee, then you pay the loan back to yourself at 3.25% interest. I mean it's handy to have for sure, I just don't plan to depend on it as the only saving grace when I get old enough to retire, if I live that long. I like the idea of rental properties because at any given time, I can cash one out should the need arise. No penalty. Although I would like to learn more about depreciation on rentals, I just recently learned of the depreciation recapture tax if I were to claim depreciation on a rental property. If I sold it in 5-10 years, I would have to pay a portion of the depreciation I claimed back as a tax. But I don't know enough about the math of it to know if depreciating is worth it or not, been meaning to call my tax guy who also has several rentals and ask him more about it. Ideally long term if you never planned to sell, I guess it would be beneficial to depreciate, but if you sold one or two in 10 years and had to pay a good chunk back, that would suck. </p><p></p><p>That's all thread hijack talk, derailed in typical hardline fashion, sorry. Squirrel! <img src="/styles/default/xenforo/smilies2/Oscar.gif" class="smilie" loading="lazy" alt="molaugh" title="Oscar molaugh" data-shortname="molaugh" /></p></blockquote><p></p>
[QUOTE="TacomaJD, post: 671858, member: 1780"] I am 30. I try not to mess with my 401k money much, but yeah it ends up being that if I wanted to take a sum of money out of it, the penalty and taxes are more than canceled out by the employer matching portion. I've only withdrew a small lump sum from it once in the 10 years I've had it. Borrowed a couple small loans against it too. One time $50 fee, then you pay the loan back to yourself at 3.25% interest. I mean it's handy to have for sure, I just don't plan to depend on it as the only saving grace when I get old enough to retire, if I live that long. I like the idea of rental properties because at any given time, I can cash one out should the need arise. No penalty. Although I would like to learn more about depreciation on rentals, I just recently learned of the depreciation recapture tax if I were to claim depreciation on a rental property. If I sold it in 5-10 years, I would have to pay a portion of the depreciation I claimed back as a tax. But I don't know enough about the math of it to know if depreciating is worth it or not, been meaning to call my tax guy who also has several rentals and ask him more about it. Ideally long term if you never planned to sell, I guess it would be beneficial to depreciate, but if you sold one or two in 10 years and had to pay a good chunk back, that would suck. That's all thread hijack talk, derailed in typical hardline fashion, sorry. Squirrel! molaugh [/QUOTE]
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