9000 N 86th St Milwaukee, WI. Home for sale. This is the opportunity for the right buyer to work with the space, and price of this foreclosed property, way below the assessed value, to exercise their decorating skills, and turn this into the home of their dreams. Why settle for an average house, when you can have a home with features usually found only on the upper end of the price spectrum. This home is waiting for one buyer, who insists on placing their personal touch, and flare for decorating, to show off their creativity and individuality. If you qualify for a 203K loan, or other remodeling loan program, it's time to go for the features on the top of your shopping list. Features you are not going to find other houses. Quality features such as the large expansive kitchen, open to the dining room, oversized family room in addition to the living room, 18 x 13 Master Bedroom with Natural Fireplace, Full Bath, and walk-in closet. These are features normally found in the suburbs at prices hundreds of thousands of dollars more. Possibilities are only limited by your desire, decorating skills, and budget. Remodeling loans designed for this type of property are offered by a number of qualified local lenders. Call for a list of lenders, who have successfully provided mortgages for similar homes in the area.
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A pilot version of the program began in 2010 unloaded 2100 nonperforming loans, which HUD anticipates could eventually grow by 10 times that amount. HUD Secretary Shaun Donovan told reporters Wednesday roughly 9000 FHA loans will be sold per ... FHA readies sale of 9000 delinquent mortgages
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Question by : my new accountant suggested I list 00 as loans to shareholder instead of dividends thus lowering my tax? bill. She said I should never take a dividends but classify them this way but I worry that I am now obligated to repay my corporation at some point. Is this true? Is there a better way to do this? What would this do to my basis? Was this a dumb move? Best answer for my new accountant suggested I list 00 as loans to shareholder instead of dividends thus lowering my tax?:
Answer by monhegan
Yes a loan is an obligation. Also it would have to be documented with a contract. If the corporation went into default creditors could demand payment from you into the corporation. Usually people set up corporations for financil protection but this strategy could be seen as negating that intent and could be a problem if challenged. The loans are a liability to your estate. You could leave them to reduce your estate or purchase life insurance naming the purpose to pay the loans back. This much is basics. See a tax specialist lawyer before you decide. I have seen another strategy about taxes. Pay them and move on. If you want to see how tax saving designs by some accountants can work out, take a look at the entertainer Willie Nelson's experience.
Answer by Quick Answers
Your new taxpayer is setting you up. Not intentionally, maybe, but the IRS is on to such games. After all, the interest you now owe to the corporation is income to it.
Answer by punkin
What your accountant has suggested is tax evasion and illegal. The issue isn't whether you will owe the corporation money all of a sudden. The issue is that the IRS will discover your fraud and you will owe huge in taxes, fines, and penalties and maybe even see a jail cell. Never a good idea to lie to the IRS. There are strict and specific guidlines for loans to shareholders...such as is there an actual debt instrument (loan agreement) have any payments been made, is the interest rate comparable to the market rate, etc.
