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sorry - 15% is such a negligible amount of tax why would you put yourself before the IRS chopping block to avoid paying it?
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dear unknown,
im german,live in melbourne.
i dont know where to start to invest from australia in the usa.
i lived there,been there many times etc but never invested.
how ll i do it?invest through a llc,set bank account up in usa or only have rent transfered to aus,do u know any good management company.what tax implications will i have?
pls contact me here or email [email protected]
i want to thank you in advance and hope to hear from you soon
bernie
This is just not worth stopping u buy a US property - just an inconvenience!!
He did say property could be transferred to LLC on settlement day. As i mentioned a few posts up I've no idea on the cost/practicality/legality of this. It's not something I really want to do if it prevents refinancing, too.
That would probably constitute gifting. No go (because of gift tax).
Isn't a gift at all. The LLC purchases it from you, settles immediately and assumes the mortgage. Lender has a clause in the contract which allows this.
You should be a member in the llc that you are quit claim deeding it to. Ha I love the bouncing around o topics. I have used quit claim deeds for 4 properties as the @LLC's hadn't been formed yet..... BUT I had to wait 90 days to do so....Sold to the LLC for $1...is that possible. Reason I ask because in CA your property taxes are calculated on your last sale..but I'm sure it has to be an aggregated price(regional sales?) also to stop tax evaders
There are properties valued at multiple millions that pay a pittance in land/property tax in CA. Then you have the 400k homes that can pay more then the McMansions because some McMansions have never been sold and kept in the family etc etc. Even though there worth millions now, they can only be taxed in accordance to there last sale..Wierd system if you ask me...no wonder why California is broke. Having a sliding scale like that in an economy on the brink certainly doesn't help...then again I bet they knew that. Any sale that happens today in CA is an absolute tonne of missing income from there coffers.
There service departments will be a wreck for many moons because of this. Scary future for CA
But (certainly in Ca) it has to be witnessed by a US notary.
Manly guy just not good enough... This a serious issue Emma, the LA, LB, OC titles offices just will not accept anything less than a 'US notary'. And they 'have' to actually witness you sign the bloody form IN THE US.
I usually just wait till I'm in LA to solve this problem, but when I have had to front up to the Guantanamo like MLC centre for this garbage I am usually in the queue with other equally pissed off people....
Another reason for loving Vegas.. A government with gambling revenue to keep services going and they halved the property taxes. Check out my last years property taxes for 5345 Hammond Court 89110 or 1401 Wilderness Way 89030. nice yield increase!
Lets rock and roll over there and have a looksie Reeco
LOL Emma, just took a look at one of your places
2009 Tax Assessment $44027
2010 Tax Assessment $16065