Lakeland Wealth Management, LLC
Sreeni Meka is the managing member and investment advisor at Lakeland Wealth Management LLC. Sreeni has twenty-four years of investment experience in the equity and derivative markets. Sreeni holds a Masters degree in Mechanical Engineering from The University of Texas at El Paso and an MBA degree in Finance from The University of Memphis and livelong learner.
MS (Mechanical Engineering), The University of Texas at El Paso
MBA in Finance, University of Memphis
Assets Under Management:
Since you bought your house less than 2 years ago (you would have paid no taxes after May 2019) you are supposed to pay taxes on the net gains.
Because you are planning to sell at $350,000 less 6% sales commission ($21,000), you will end up paying taxes on the net gain of $14,000.
Since you held the asset more than one year you may end up paying lower (long-term) capital gain than ordinary short-term gain.
The purpose of the retirement savings is not to take them out until retirement. With Roth 401k you will not be able to take the tax deduction, but you can with regular 401k. The big advantage with Roth 401k is its tax exemption status. All the growth will be tax-free when it's time to withdraw.
Note: If you are going to be in the same tax bracket after retirement both Regular and Roth 401k results in the same return. If you are going to be in lot lower tax bracket at the retirement you would be better off going with Traditional IRA. If your tax bracket will be higher than the present tax rate or if you need flexibility in withdrawing funds or escaping the mandatory withdrawals after 70and half years you should look into Roth 401k.
Roth IRA has more flexibility compared to traditional IRAs. However, you may not able to deduct the taxes to the Roth contributions. Also, Roth IRA has income restrictions. Please go through this IRS website link ( https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras ). The instructions on this site are very easy to follow.
You should always use limit orders irrespective of what market it is. Market order in the thinly traded security is giving away all your gains to someone at another side. Use your discretion when setting up the limit order generally middle of the bid and ask price or close to last sale price.
Yes, It does n't matter how many shares you own. Once a company declares a dividend that is per share basis.