I can't believe what I just read!! Had to re-read it several times!
Talk about jumping off a cliff without a parachute.
You didn't consider this before you cashed out your 401? Madeleine is totally correct about paying taxes on it, although I thought it was more. But I could be wrong. Wouldn't be the first time and I know it won't be the last.
I think you are trying to use this as a form of rolling over your 401k. Purchasing a building never qualifies as a full deduction, it is depreciated over a period of time.
Cashing out a 401k is not the same as Capital Gains from selling a house where you purchase a new property to offset your profit.
I don't give tax advice but that much I do know. The rest I leave to my accountant. She does all the depreciation and what not.
If you don't have one, get one real quick.
I will echo......I HOPE THIS IS NOT FOR THIS YEAR!!!!!
By the way taxes are due on Tuesday not Monday but that is not here nor there,