Getting Rid Of Unpaid Taxes
Is this possible.
Property worth 100,000 with 12,000 due in taxes.
1. Transfer the ownership of the property out the owners name and into a Nonprofit. (Nonprofits pay no taxes right!)
2. Create a LLC to protect the asset
3. Make the LLC a sub corporation of my NONprofit.
4. Transfer with land trust all benificial interest of ownership to my LLC.
5. Borrow money off the property now that taxes are clear.
6. Start my real estate goals.
Does this sound legit. Can it work!
Please let me know
Just Being Creative
COREMEGA2002,
"Does this sound legit. Can it work!"
NO and NO....
Do YOU really think the IRS will let this FLY?
I DON'T, IMHO, sorry for the bad news.
....as always,
GoodInvesting, Rocky