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What are ppl's thoughts on Required Minimum Distribution (RMD) for 401(k)s?
Just read this girl's post about them last night https://www.femaleinfinance.com/blog/maxout401k and why she only maxes out her 401(k) to the company matching instead of full bc it will affect her retiring early. 🤔
Not sure where I stand on it; I was planning to max it out to the max contribution every year, but I have to do some more digging and understanding how RMD affects me.
What do y’all think of Affirm stock?
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This Infrastructure Week is gonna be lit.
The difference between the FMV and purchase price can also be seen as a gift, so your dad may need to file some tax forms for that. He won’t owe anything, but it will be a hit against his $11m estate tax exemption.
Enthusiast
You are brilliant. A lot for me to look into (with his accountant and my real estate lawyer) here. Thanks!!
Coach
There are mortgage calculators out there that should tell you the financials.
This would be an off market purchase, so whatever price your dad is willing to sell it for.
Once you figure out the financials talk to banks re: credit score
Subject Expert
Just remember that you will pay capital gains on the price, so buying it for too low of a price can hurt you.
Maybe you can do a seller financed deal… aka your dad sells it to you for an agreed upon price, but you don’t necessarily have to have 20% down and you just pay your dad directly.
Enthusiast
@EY1 Yes! Exactly. Thanks everybody for your comments!!
Enthusiast
I have been an apartment dweller my whole adult life. So I don't know about any of this stuff. What credit score would I need to buy a house? How much would I have to put down in order to keep the monthly payments fairly low? Also wondering if he can sell it to me for lower than the appraisal amount? Trying to keep his assets low in case he needs to lean on the state for health stuff.