Property Tax

Property Tax

As a property owner in Los Angeles County, you shall receive property tax bills from the Los Angeles County Tax Collector’s office. asics uk Goedkope Nike Air Max 90 You can check your tax payment status through Los Angeles County Tax Website at “http://ttc.lacounty.gov“.

 

The following Frequently Asked Questions can guide you through paying property tax correctly and timely.

 

What is the best way to pay your property tax bill if you have cotenant(s)?

One of the cotenants should be designated as the responsible party (e.g. Nike Air Max bw Baskets the cotenant who holds the large proportion of the property). nike air max flyknit ultra 2.0 That party should collect all the checks from the other cotenants, and mail the checks together, in one envelope with the tax bill, to Los Angeles County Tax Collector’s office.

 

How do you collect a property tax payment check from Equity Trust or IRA Services?

 

Here are the steps:

1. Solde adidas zx flux Complete the proper form: for IRA Services, “Expense Payment Request”, or for Equity Trust, “Bill Pay/Direction of
investment”.

2. nike soldes Ask the custodian to issue a check made payable to “Los Angeles County Tax Collector” and have the custodian mail it
to your home address. adidas zx flux pas cher Nike Air Max 2016 Heren Make sure to include your correct home address in the proper section of the form.

3. chaussures nike tn requin When you receive the check, make a copy for your record, and then mail the check with the tax bill to Los Angeles
County Tax Collector’s office. air jordan 26 sac kanken By doing this, you will maintain full control of timely tax payments.

 

What do you need to include on your check when you remit your property tax to make certain that your tax payment is credited property?

Write all of the following information on the payment check:

· Assessment Parcel Number (APN)

· Tax year – for example YR 08 (indicates 2008 – 2009), YR 09 (indicates 2009 – 2010)

· Sequence number – for example SEQ No. air jordan en chile 000 indicates that this is an annual tax bill; Any other sequence number
refers to a supplemental tax bill.

 

What is a Substitute Secured Property Tax Bill?

The Substitute Secured Property Tax Bill is a lien of the annual and supplemental tax bills issued by the Treasure and Tax Collector, which can be provided upon request, and may be used as an instrument of payment or as a record of payment activity.

 

Does a land owner always receive a Supplement Tax Bill?

No. ray ban soleil pas cher new balance femme 996 blanche If the assessment value of your property is below the previous assessed land value, the land owner will receive a refund check from Los Angeles County Tax Collector’s Office.

 

Which owner should pay for the Supplement Tax Bills?

Look at the Transfer/New construction data on the Supplement Tax Bill to determine who is responsible for the payment. nike pas cher Example: ACEQ property was recorded on Oct. ugg classic mini cheap fjällräven kånken Laptop 17 air max 90 pas cher 28, 2004, and the Transfer/New Construction data is Oct. air jordan 8 Fjallraven Kanken Classic Kånken Laptop 13 28, 2004, in this case, ACEQ is responsible to pay the supplement tax.

 

Additional tax payment tips are shown:

· Make a copy for your records of each check issued as a tax payment

· Issue only ONE check for each installment.

Self-directed IRAs

A Self-Directed IRA requires the account owner to make investment decisions and investments on behalf of the retirement plan. nike air max schoenen IRS regulations require that either a qualified trustee or custodian hold the IRA assets on behalf of the IRA owner. air jordan 31 Baskets asics pas cher Generally the trustee/custodian will maintain the assets and all transactions and other records pertaining to them, file required IRS reports, issue client statements, assist in helping clients understand the rules and regulations pertaining to certain prohibited transactions, and perform other administrative duties on behalf of the Self-Directed IRA owner for the life of the IRA account. ugg classic short asics homme Nike Air Max Sko Self-Directed IRA accounts are typically not limited to a select group of asset types, and most truly self-directed IRA custodians will permit their clients to engage in investments in most, including real estate, stocks, mortgages, franchises, partnerships, private equity and tax liens.

 

Self-Directed IRAs can be traditional, Roth, Educational, SEP, SIMPLE, and rollover IRAs.

 

· Roth IRA – contribution are made with after-tax assets, all transactions within the IRA have no tax impact, and withdrawals are usually tax-free. roxy tall ugg boots cheap fjallraven kanken rugzakken You can contribute to the plan only if your AGI (Adjusted Growth Income) meets IRS requirement
· Traditional IRA – contribution may be tax-deductible or non tax-deductible depending on your income level. adidas stan smith Fjallraven Kanken Kinderen All transactions and earnings within the IRA have no tax impact. Nike Pas Cher Withdrawals at retirement are taxed as ordinary income, except for those portions of the withdrawal that corresponds to non tax-deductible contributions.
· Educational IRA – A savings plan for higher education. adidas ultra boost new balance 577 femme Parents and guardians are allowed to make nondeductible contributions to an education IRA for a child under the age of 18. nike chaussures New Balance Pas Cher The funds in an education IRA can be withdrawn tax free when they are needed for educational purposes.
· SEP IRA – a provision that allows an employer (typically a small business or self-employed individual) to make retirement plan contributions into a Traditional IRA established in the employee’s name, instead of to a pension fund account in the company’s name.
· SIMPLE IRA – a simplified employee pension plan that allows both employer and employee contributions, similar to a 401k plan, but with lower contribution limits and simpler administration.
· Rollover IRA – an individual retirement account that has the funds rolled over from the retirement plan at work (401(k), profit-sharing plan, etc.). buy uggs in uk kobe 11 pas cher Rolling over to an IRA allows you to keep your savings tax-deferred and typically gives you a broader choice of investments.

 

Earning potential of real estate has caused many individuals and small business owners to rethink their current retirement strategies and select real estate inside an IRA. Women Kevin Durant new balance Chaussures However, it is important to use a qualified custodian who can help you through the process.

FAQs

If I can invest in real estate using my IRA without taxes and penalties, why hasn’t my broker told me about this?

Most people and their stock brokers question this strategy. Your financial advisor’s company or agency may either be disinterested in this type of business or have not been educated regarding this type of format. A stock broker makes money when they sell stocks, bonds and mutual funds not real estate.

 

Is it legal to have real estate investment in IRA accounts?

Yes! Internal Revenue Code Section408 has guidance on what investment activities that you can have in your retirement account. Kanken Classic While the code does not specify which transactions are legal, the code is very specific as to which transactions are prohibited. Thousands of individuals have successfully implemented the strategy over the past 20 years.

 

Specifically, what are prohibited transactions in your self-directed IRA?

Internal Revenue Code 4975(c) (1)identifies prohibited transactions that include any direct or indirect:

· Selling, exchanging, or leasing any property between a plan and a disqualified person. For example, your IRA cannot buy property your currently own from you.
· Lending money or other extension of credit between a plan and a disqualified person. nike air max 2017 femme blanche Goedkoop New Balance For example, you cannot personally guarantee a loan for a real estate purchase by your IRA.
· Furnishing goods, services, or facilities between a plan and a disqualified person. For example, you cannot use personal furniture to furnish your IRAs rental property.
· Transferring or using, by or for the benefit of a disqualified person the income or assets of a plan. For example, your IRA cannot buy a vacation property you or your family to use.
· Dealing with income or assets of a plan by a disqualified person who is a fiduciary acting in his own interest or for his own account. For example, you should not loan money to your CPA.
· Receiving any consideration for his or her personal account by a disqualified person who is a fiduciary from any party dealing with the plan in connection with a transaction involving the income or asset or the Plan. For example, you cannot pay yourself income from your IRAs rental property.

 

What kind of retirement funds am I able to use to purchase real estate?

If a qualified retirement plan that allows you to define and/or self-direct the type of investments in your retirement account. nike tn 2017 homme You have the ability to purchase real estate within the plan. This kind of plans typically includes:

·Traditional IRA

·Roth IRA

·SEP IRA

·Keogh

·401(k)

·And many more

Most employer sponsored plans such as a 401(k) will not allow you to self-direct the plan while you are still employed. nike blazer pas cher However, some employers will allow you to roll a portion of your funds or your personal contributions to a rollover IRA. The best way to find out whether your plan is eligible is to contact your plan administrator.

 

Can my IRA buy real estate that I currently own?

Even though there are companies which claim you can, this is strictly forbidden under IRC #4975. Mochilas Kanken No.2 There are many great real estate transactions available so do not put your retirement account at risk by engaging in a “self-dealing” transaction such as this.

 

What is a Self-Directed IRA custodian?

The custodian is a bank or savings and loan institution, as defined in IRC # 408(n), or any other entity that has the approval of the IRS to act as custodian.

 

Is my money safe with an IRA custodian?

The custodian that holds retirement assets is a registered trust company. Nike Air Max 2017 Dames wit In order to register as a trust company, the institution must meet stringent state and federal requirement and maintain adequate reserves. Your money and retirement assets are held in a separate account for your benefit and are not subject to the creditors of the Custodian. Chaussures Nike 2017 Further the Custodian never has control of your money or assets, you are always in control.

 

How does a custodian make money?

You are charged a fee for simply having an account with a custodian each year. Nike air max pas cher A custodian generates revenue in a variety of ways.

·Asset based fees

·Transactional fees

·Holding fees

·Special fees

Asset fees are typically based on a percentage of the value of your Self-Directed IRA. As your IRA continues to increase in value, they are able to charge you more – even if you never purchase an asset. Large accounts are penalized under this system.

Transactional fees apply when your IRA purchase an asset. In regards, to real estate, there can be fees assessed for writing an escrow deposit; fees for reviewing a purchase and/or sale; fees for recording each document; and fees for the final wire of funds to complete the purchase. Fjallraven Kanken Large Nike Air Max 1 Pas Cher The process repeats itself when you sell that asset. This can add up quickly for active accounts. Holding fees are also assessed for assets that are held with a custodian. If your IRA purchased a parcel of real estate, the custodian could assess a quarterly fee for just holding the deed on behalf of your IRA. Special fees include things like expediting service, express mail,wiring funds and so on. Special fees can add up quickly, especially when trying to close transactions quickly.

 

Can I mix personal funds with IRA funds to purchase a piece of real property?

Yes, if it is structured correctly. You must be very careful to whom you are listing. The prohibited transactions code prohibits any individual from using personal or IRA cash to benefit the other. This can be easily violated through “formation issues”.

TIC and LLC

Tenancy in Common (TIC) is a specific type of concurrent, or simultaneous, ownership of real property by two or more parties. All tenants in common hold an individual, undivided ownership interest in the property. Chaussures Under Armour Soldes Asics 2017 This means that each party has the right to alienate, or transfer the ownership of, her ownership interest. Nike Air Huarache Pas Cher This can be done by deed, will, or other conveyance. Nike Air Max 2016 Heren grijs Tenants may hold unequal interests and may acquire their interests from different instruments.

 

Limited liability Company (LLC) is a type of business ownership combining several features of corporation and partnership structures. asics femme pas cher Mochilas Kanken Classic Owners of a LLC have the liability protection of a corporation. Scarpe Nike A LLC exists as a separate entity much like a corporation. New Balance Femme Nike Air Max 90 Pas Cher Pour Femme Members cannot be held personally liable for debts unless they have signed a personal guarantee. nike air max 1 pas cher All your business losses, profits, and expenses flow through the company to the individual members. Nike Air Max 2016 Dames roze You avoid the double taxation of paying corporate tax and individual tax.

Land Banking Strateg

Why Land Banking?

Land Banking is not a new concept. Fjallraven Kanken Occasion The federal and state government, conservatories, trusts, corporations, developers and wealthy individuals have been Land Banking for decades. Nike Air Max 2017 schoenen The benefits of Land Banking include:

·Historical Consistent High Return

Increasing populations and sprawling cities make land a hot commodity around the world. Hungry corporations and developers identify and purchase open real estate for future commercial, retail and residential use in the paths of growth. air max homme pas cher When holding land for 10 or more years Land Banker can maximize returns by capturing multiple value spikes on their parcels.

·Protection of Principle

Land is real property and it’s a tangible asset. nike air max chaussure The purchases of land feel far more “real” or “tangible” than a stock or bond. Nobody can guarantee rates of return, but your initial contribution is typically protected from dilution.

 

Where to Land Banking?

Desirable land is often located close to jobs, growing residential areas, and transportation corridors. nike air max 2016 wit Researching local zoning designation, history and trends can provide invaluable information for predicting future growth trends. Nike Air Max 2016 Heren grijs State, county and local governments and agencies designate specific growth paths, so that they can plan for future water, power and transportation needs. As cities expand, more land is needed for residential developments, industry and roadways. Cheap Nike Shoes Outlet UK Land Banking along these paths typically yields the highest return for investors.

ACEQ Investment Group primarily focuses on an area in Northeast Los Angeles and west Kern counties called Antelope Valley. fjallraven kanken sale air max 2017 dames To understand why this is the area of great potential, please contact us or attend our workshop for more extensive report.

 

Who Can Land Banking?

Individuals who are looking for:

·A secure retirement portfolio;

Land Banking is an ideal vehicle for retirement planning since typically most Land Banking parcels are held for ten or more years. goedkope nike air max As part of a long-term retirement strategy, individuals should balance portfolio in stocks and bonds with Land Banking to properly prepare for future financial security and liquidity.

·A reliable education planning;

18 years from now, a four year college education is estimated to cost over $600,000. Concerned parents must plan ahead to meet the rising costs. Sac Kanken A Land Banking acquisition at today’s price and held while children and grandchildren grow is one of the most reliable ways to ensure secure assets to fund college education.

·A wealth building strategy.

Land Banking can be a very active component in fulfilling your wealth building goals.