I am buying investment property (triplex). If I use some 401K for purchase, how much will the purchase reduce taxes owed? I am 63 so no penalty.

Asked by sjnewb, Huntington Beach, CA Tue Mar 26, 2013

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Lesley Harris ’s answer
Lesley Harris…, Agent, Huntington Beach, CA
Thu Mar 28, 2013
Do you need a reference for a good CPA?

Let me know, I can help

I welcome your calls,

Lesley Harris, Realtor
(562) 673-0943

Cal Tex Properties

0 votes
Ingrid Ski R…, Agent, Mission Viejo, CA
Wed Mar 27, 2013
You tax accountant can tell you
0 votes
Carla Elliott, Agent, Huntington Beach, CA
Tue Mar 26, 2013
You need to talk to your tax consultant. Realtors are not qualified tax professionals and I a Realtor, can not and should not give advise in a field that I am not qualified. Your tax consultant can look at your financial situtation and help you. The best of luck in your investment!
0 votes
Hi Carla :)
Flag Thu Mar 28, 2013
James Melton, Agent, Newport Beach, CA
Tue Mar 26, 2013
As a licensed real estate Broker, I must advise you to speak with your tax professional on this question.


James Melton
Realtor & Mortgage Broker, CA DRE Broker #01222353, NMLS #300133
President, Victory Mortgage & Real Estate Home Loans & Sales Since 1979, NMLS #366399
2901 W. PCH, Suite 200, Newport Beach, CA 92663
cell(714)318-4664, phone(949)939-9676 or (714)374-0022, fax(714)844-9094
web http://jamesmelton.listingbook.com
email jamesm@socal.rr.com
0 votes
Diane Anders…, Agent, Huntington Beach, CA
Tue Mar 26, 2013
You need to talk to a Tax Professional (CPA), who can review your entire tax situation. Best of luck,
Diane Anderson
0 votes
Rochelle Cha…, Agent, Mission Viejo, CA
Tue Mar 26, 2013
You may want to consult your accountant. They may have a formular for calculating the amount from your 401K and the cost of the home. You may be eligable to write off depreciation for the rental as well.
0 votes
Robert Chome…, , San Diego, CA
Tue Mar 26, 2013
What do you mean by reduce taxes owed?
0 votes
Linda Lukas, , Orange County, CA
Tue Mar 26, 2013
Ask a tax professional...it has been my experience that using a 401k in theory is a good idea but in practice it is timeconsuming and most transactions move too fast for that.

Linda M. Lukas
0 votes
Cyndi Mino, Agent, Huntington Beach, CA
Tue Mar 26, 2013
I would recommend that you speak with your tax professional as he knows your financial situation and can best answer this question for you

Cyndi Mino
First Team Real Estate
0 votes
Alex Vargas, Agent, Irvine, CA
Tue Mar 26, 2013

Thanks for the question. The best advice I can offer is to contact your CPA, or tax advisor. They'll be the ones to give you the most accurate answer.


Alex Vargas
Weichert Realtors.
DRE # 01332235

(714) 269-8775 Mobile


0 votes
Walter 'Skip'…, Agent, Brea, CA
Tue Mar 26, 2013
It is best to talk to a tax professional. You may be able to roll 401k money into investment property without any tax due.
Good luck,
0 votes
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