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Ep. 81 Tax Efficient Funding of a Major Purchase (House, Car, etc.)
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Ep. 81 Tax Efficient Funding of a Major Purchase (House, Car, etc.)
In this episode I share how I helped a client with funding a home downpayment, but this process can work with any amount and any major purchase. The key here is to avoid penalties and keep our taxes to a minimum. Here is the spreadsheet used to walk through this.
When you have an annuity, they often come with surrender charges if you cash them in early. In this case it was over $20k on one of them and the other we didn't have the information available, but it was going to be some number, likely around 8-10% as well. This is a hefty fee to pay and made us decide not to use them. With the inherited IRAs, while they are taxable, to most people they will not have early withdrawal penalties. An individual brokerage generally will have capital gains but if there are capital losses to offset them it could be a good place to draw from ad there isn't an income tax. Consolidating accoutns was another factor we took into account.
Disclaimer: This is not tax, legal or investment advice. Each person's circumstance is different and your situation may be different. Feel free to reach out for a consultation. Contact smoran@redbarnfinancial.com visit www.redbarnfinancial.com or call 615-619-6919
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