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[tips_and_tricks] What is a safe way to buy real estate if you have the cash?]

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  • hobot
    One might also become a member of ALFII and use their banking I.C.I.S. services w/o a tracking number associated with you. Non members must supply a TIN.
    Message 1 of 1 , Feb 24, 2006
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      One might also become a member of ALFII and use their banking
      I.C.I.S. services w/o a tracking number associated with you.
      Non members must supply a TIN.
      Checks made come to you in your name then endorsed to ICIS
      but better if checks just made out to ICIS in first place and sent
      in for despsit to your credit. Allows electronic MO sending
      or printing at home. Special paper makes it look more normal
      but valid on what ever the hardcopy paper.
      http://www.alfii.com/
      Give 'em a call and find out how to handle reporting etc on
      sizeable transactions.

      If one can open ordinary bank check acct w/o a TIN great
      but its not too easy especially if in a trust name and trackable
      otherwise.

      Pure simple holding trusts work fine for real estate when used
      to isolate your name from any association with it. Finding a
      trustee to act and sign stuff time to time is important. There are
      pros out there to hire but simple job unless legal challenges to
      handle. But unless someone falls and trys to sue the estate trust
      there's not much to bring any attention to it. Do not put more
      than one big item in a trust at once, as part of trust worth is
      the isolation of assets from each other and you of course.

      Property can be put in trust even if you still have loan on it
      to pay off, bank will still have first dibs until 'paid off'
      but you've dissconected it as an asset of yours to take
      and lowers its value if a prior lien exists on it.
      Its touchy if you are occupying it, as manager etc to prove
      an arms length disconection in its affairs so beware there.
      If an investment property no sweat, it suddenly ain't yours no more.
      If a new property bought, you can move in as who'd know
      but just don't be getting you personal mail sent there, or utilities
      in your name etc.

      hobot
       

      fastmuscleman <m.schrader1@...> wrote:

      What is a safe way to buy real estate if you have the cash?
      I have a friend who has not paid income taxes for years.
      This person can now afford to buy a home without financing.

      Here is the problem.
      This person does not yet have a notice of federal tax lien filed
      against them.

      In addition, if this person does pay off the mortgage all at once
      will this transaction be reported to the Feds?

      It appears that if they do use either money orders,cashiers checks &
      or wire tranfers that they will get reported.

      Any currency transaction $3000 or more gets reported.

      My friend was thinking of using a trust to protect their asset or
      home.

      Any suggestions or advice to avoid unnecessary hassle?
       
       
       
       
       
       
       
       

       
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