All Forum Posts by: Jason Williams

Quote from @Joe Homs:

@Jason Williams are you at least getting title insurance.  If not, you are just asking for trouble at the end of the day when you go to sell this property.  No, you do not need to use any or both, but this is a major red flag.  Please don't do it.

Good Investing.

 Hi Joe, thanks for the info. I will definitely be getting title insurance. As far as red flag, do you mean with the IRS or FTB? Because of no escrow? 

Quote from @Jason Williams:

I'm selling a parcel of land to a friend.  We both agreed to seller financed installment sale. Anyone have a contract they'd recommend using? 
Are the any special rules that I should be aware of for setting this up as an installment sale for deferred capital gains? Any specific terms that need to be addressed in the contract to ensure the IRS and FTB recognize the installment sale?

Thanks for the info Joe. That brings up another question. I don't plan on going though escrow. Is there any FTB or IRS rule that says I have to sell through escrow for installment sale tax treatment?

Thank you. I wasn't aware of the forced depreciation.

Are the any special rules that I should be aware of for setting this up
as an installment sale for deferred capital gains?
Any specific terms
that need to be addressed in the contract to ensure the IRS and FTB
recognize the installment sale?

Anyone have a financing contract they'd recommend using?

I'm selling a parcel of land to a friend.  We both agreed to seller financed installment sale. Anyone have a contract they'd recommend using? 
Are the any special rules that I should be aware of for setting this up as an installment sale for deferred capital gains? Any specific terms that need to be addressed in the contract to ensure the IRS and FTB recognize the installment sale?

We would like to set up a simple living trust. Just need the documents created mainly.
What kind of cost should I expect to have this done properly? I don't trust something like Legal zoom, but is there a reputable online service that will do it right or do I need to hire an attorney?

I have a property I'm selling to a friend. I'd like to set it up as a seller carried installment sale, interest only for 5-10 years to defer any capital gains. Will there be any issue doing this with California FTB or IRS?
I have not done any depreciation on the property in the couple years I've owned it, so there shouldn't be depreciation recapture.
Also, if this will work, does the sale contract, financing contract have to be written a specific way to be a legal installment sale? Does anything have to be filed with IRS or FTB?
I don't want to miss a detail and end up with a huge tax bill.

I'm looking to set up a Wyoming statutory trust, maybe a couple for different properties.

Is this something I can do myself with the aid of a filing service like I have used to form an LLC or do I need a CPA or attorney?

First hand experience would be great to hear. 

Anyone else have info on Nevis or Cook Islands? Any tax benefits when selling real estate?

Quote from @Charles D.:

@Jason Williams

Yes

 Hi, could you elaborate? If a foreign entity owns the property, how does the IRS collect taxes? Is a foreign entity required to file taxes in the US because the sold real estate is on US soil? How would the tax rate compare for a foreign entity compared to a US citizen? 

  Curious about tax benefits, if any, with a Cook island trust. If the trust sells a property in the US, is it subject to the same capital gains as a US resident or US trust?