Is a 401K the same as a traditional IRA?
The answer to your question: Is a 401K the same as a traditional IRA is no.
A 401K is a type of employer pension plan. An IRA is an individual retirement account. Both plans provide income in retirement. However, each plan is administered under different rules.
Learn more about house flipping tax rules with the experts at H&R Block. We break down house flipping taxes so it's less confusing and complicated.
Generally, a wash sale is what occurs when you sell securities at a loss and buy the same shares within 30 days before or after the sale date. Wash sale rules are designed to prevent investors from creating a deductible loss for the purpose of offsetting gains with only a short interruption in owning the security.
There are two different types of IRAs - traditional and ROTH. Use this IRA calculator from Betterment and H&R Block to determine which one is best for you.
Generally, paying gift tax is not an issue for the person receiving the gift. The giver, however, will generally only file a gift tax return when the gift exceeds the annual gift tax exclusion amount, which is $15,000 per person for 2018. The giver may also not owe gift tax due to their lifetime exemption.