Land Trust
Anybody know the the real implications of using a land trust for mitigating taxes?
Is it a legitimate structure?
An individual informed me that title is not transferred traditionally within a land trust and thus taxes can be greatly minimized.
In mainstream accounting circles I have never heard of such a strategy.
Anyobody have experience with it or knowledge of its effectiveness?
The main poster on this topic left this site last week. My understanding is that it is a strategy that can work, but you will need professional assistance.
A land trust has no tax consequences. It is a means of holding title and providing privacy with many additional benefits.
I suggest you do a Google search on the topic. [ Edited by finniganps on Date 08/16/2006 ]
Finniganps
I did conduct a search on google and all I received were subjective opinions that are trying to serve their own interests. I was wondering if there were any objective resources on the topic (IRS would be the best).
Thanks.
Belle,
A land trust has many title-holding advantages but provides no special tax breaks of any kind. I place my properties into a land trust and take title in an LLC. Good luck.
Wiz
non-lawyer
[addsig]
On second thought, there is one tax break that comes with a land trust. You can defer capital gains taxes for years.
Wiz
not a lawyer
[addsig]