Paying Annual Taxes on Your Solo 401k Owned Property

Jus like property taxes apply to property owned personally, the same is true for property owned by your solo 401k plan. In all cases, property taxes will need to be paid for real estate property owned by your solo 401k plan. 

Another way to refer to property taxes is by real estate taxes. The amount of real estate taxes that will be due for your solo 401k owned property varies from county to county. The property taxes will need to be paid using solo 401k funds not personal or business funds since the solo 401k owns the property.  Therefore, it will be important to run the numbers before investing the solo 401k in real estate to make sure the plan will have enough funds to cover ongoing expenses such as repairs and property taxes, for example. 

How to pay the property taxes

  1. Use solo 401k funds. 
  2. Make the check payable in the name of the county treasurer-tax collector. 
  3. Mail the check directly to the county treasurer-tax collector.
  4. Keep a copy of the property tax bill in your records.

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About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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