PMs for Land
- Thread starter Chigg
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Not sure if you can use a 1031 Exchange to do this tax deferred.
I know a local guy who leased his gas rights for about $800K
He immediately bought several houses and used a 1031 exchange to defer all the taxes (my busybody neighbor told me this.)
Some are rented and some are just sitting empty, and some are For Sale at a higher price than he paid.
I know a local guy who leased his gas rights for about $800K
He immediately bought several houses and used a 1031 exchange to defer all the taxes (my busybody neighbor told me this.)
Some are rented and some are just sitting empty, and some are For Sale at a higher price than he paid.
Very good question, but a VERY complex issue.
The variations from Country/State/County/Municipality are so vast it's impossible to give a clear answer for a single question.
But if u get it wrong, the punishments can be Brutal.
Make sure ur Plan is rock solid & legally covered.
Thats the direction I was thinking. Pay cash at the present property tax valuation, metals for the rest. The selling price is 3 times the present property tax valuation.
Agree , It would look shady down at the county property tax office. The seller would have metal with zero cost basis when he sold it.
You own one, you lease one... I know I wouldn't put up any metal for a title to land.
You get to a certain point you do not want any liability. If anything my goal is to biy a parcel and put a cheap house that can be closed.up for 6 or 8.months on it. One day I hope to be writing on this forum from Bangkok or KL.
Others want to put roots down and sit in a rocking chair. I plan on vlogging across SE Asia and Eastern Europe. I have been successful producing corporate viideos for 20 years, I think I could rate a bowl of pho in DaNang. I am already ranked in the top 10% of reviewers on Google.
Others want to put roots down and sit in a rocking chair. I plan on vlogging across SE Asia and Eastern Europe. I have been successful producing corporate viideos for 20 years, I think I could rate a bowl of pho in DaNang. I am already ranked in the top 10% of reviewers on Google.
After sleeping on it I do not like my plan. I got caught up trying to reduce tax burden instead of following my main objective which is to reduce fiat holdings.
My overall net worth is 34% cash, 30% real estate and 36% metal. I would like to reduce the cash holdings down to 15-20%. Is there another hard asset investment other than land or metal? My real estate holdings are nonincome producing. I really do not want to mess with rental properties.
My overall net worth is 34% cash, 30% real estate and 36% metal. I would like to reduce the cash holdings down to 15-20%. Is there another hard asset investment other than land or metal? My real estate holdings are nonincome producing. I really do not want to mess with rental properties.
Good advice. Interesting it comes from someone abroad.
Basically it comes down to, local and state laws on real-estate transfers. How land gifts are taxed; how they are determined to be gifts (instead of value-for-value transactions) and how tax is assessed.
I've only sold land two times, and both times had an attorney dotting the Is (in Gnu Yark, you're a fool to try to buy or sell without a phalanx of attorneys, no matter who you are). So I didn't get into the weeds with it.
You need legal advice, and I would put the same question to more than one lawyer. Because of course attorneys have their biases - they're very Pro-Statist, being part of the Bar themselves, essentially government - and because the law is so complex, there are many different reads on it.
Just to blow the shysters' minds, you might offer to pay for the legal opinion(s) with PMs.
PMs are the easiest to shelter from Estate Taxes.
I'm working on a plan, to where the recipient of my estate will have the ability to "find" my "boating accident" site. There's no sign-in required (perhaps maybe a chop saw) but since that person will be the Executor of my estate, it won't be hard to get access to all my home, rented spaces, locked boxes, etc.
Just take the PMs and waltz off...in this case, to the attorney's office, to report as the Executor to find the few thousand in fiat I have, the old car, the junk furniture, and the six months of dried rations...
Skip rental income as they are for entrepreneurs in their 30s and 40s. Too much work and not enough ROI. If you must, find a good REIT ETF instead. I have been a short and long term landlord for 30 years, so skip it.
You can also try some dividend stocks and ETFs. Dividend income is tax free for retirees $48k single and $96k married. SCHD, MO and others.
IMHO, you should take 5%+ and buy.plarinum. Send me a nice bottle of red wine when you double your money next year.
Nothing will beat metals except miners for awhile.
i assume you have no debt to extinguish,,,if you do that would be my first move
i struggle with the same type balance problem and not wanting to hold cash.....also i dont need anymore realestate and about the only thing i would buy that way would be adjoining land to current properties ........im overweighted in metals since the runup......so if you get a good idea pass it along
one thing i am considering ....is my daughter and son in law are buying small companies like HVAC, Plumbing etc......and have some debt associated with that, that could be a place i might take a position in
im a PT bug as you know
which makes more sense to you
ag to 200
pt to 5550
pl to 4000
au to 10000
those are all doubles
Not sure where you are OP but from reading here it looks like location will be the deciding factor on how you are allowed to purchase property. I don't have a lot of experience but from what I have seen in Michigan you have to have traceable proof of where every dollar buying the property came from. You know because we're all terriors and droog dealers.
May be safest to buy the property with the usual players bank loan title office etc and once you own it just pay the loan off really fast.
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May be safest to buy the property with the usual players bank loan title office etc and once you own it just pay the loan off really fast.
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Can you borrow against gold and silver.... https://www.google.com/search?q=can...-samsung-rvo1&sourceid=chrome-mobile&ie=UTF-8
Pawn shop.
Except...gold and silver are FUNGIBLE. Bars often have serial numbers, but there's no way to identify individual rounds - unless you deface them by punching in identification marks.
So you "pawn" "your" gold; and then, when your ship comes in, you get "your" gold back.
Except it probably will be equivalent. Again, no big deal - unless you pawned real gold and got fakes back.
You must give up possession of your metal. They 'store' it for you.
Pawn shops are for short term loans only and their interest rates...Pawn shop loans typically carry high interest rates, often ranging from 20% to 25% per month, which can result in annual percentage rates (APR) exceeding 200%. These short-term, collateral-based loans usually require repayment within 30 to 60 days, covering roughly 25% to 60% of an item's resale value.
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I have a faint memory of a story (probably on tv) where the investigator was trying to figure out why someone would take a loan and default on it, leaving the lender with excess collateral. There was no "crime" in that. The answer was that the borrower was laundering money or avoiding taxes, and since the lender never complained, it was just a curiosity.
True.
But that's the only way I'd "borrow" against PMs.
I have sold. I sold to pay for that Grand Canyon trip six months ago. The vigorish on the sale, and again on the re-purchase, was the cost of the loan. And, if I'd never gotten the money back to repurchase the gold, or if I were late...no one would have cared.
If you do that, it's a good time to re-balance your inventory. Sell silver, buy gold. Sell bars, buy rounds. Etc.
