==== ==== Hello check this out it's the cheapest IRA gold available. http://irallc.org/ ==== ====
Appraising the Checkbook IRA LLC-Part Two The IRS Now Enforces the LLC Appraisal Rules Why is the IRS Enforcing Appraisal Requirement? Question: The self-directed IRA account owner says "I know how much I paid for it. I think I bought it right. I think I know what its worth now. Why do I have to get it appraised annually? Answer: Because the IRS requires it; and, if you don't comply there are harsh penalties. A recent IRS publication stated that failure to obtain annual, independent valuations could lead to the disqualification of the entire self-directed IRA plan. The reason that the IRS now wants annual appraisal valuations is because, in the past, for years, it did not track the true, current values of assets in self-direct IRA accounts. The result was that the appreciation in value of the assets in the account was not recognized and report; the assets became under-valued over time. Then, when these under-valued assets were distributed to the IRA beneficiary, the Income Tax owed was understated and under-collected. When billions of dollars from undervalued assets are distributed, millions of dollars of potential income tax are uncollected. It is no longer acceptable to hold an asset at its original cost basis, ignoring years of appreciation. The appraisal valuation rules have existed since 1979-they just were not enforced. The IRS probable did not have the manpower. During the past "good times" the IRS was not looking closely for every possible source of income to tax; but now, during "bad times" when Tax revenue is decreased, and is badly needed, they are paying very close attention to potential taxable incomes. This change in emphases by the tax collector is forcing self-directed IRA investors to budget the time and money to get annual appraisals. The IRA account owner must bear the cost of the annual valuations or face fines for filing inaccurate tax information. Higher asset valuations in the account produce higher annual fees paid to the Custodian or Administrator. Appraisal of 'Non-Traditional/Alternative Assets" The annual appraisal valuation of individual investment assets is a one-by-one manual task. It is made more difficult to do because "non-traditional assets/ alternative assets" are not actively traded on a market; many are unique; many are illiquid; and in many cases, proper records have not been established or maintained. The result is an extra expense that should be anticipated
before the investment is made. Here are some examples of "non-traditional/alternative assets": • Flipping Real Estate • Pre-Foreclosures • Investment real estate-all types • Commercial property-all types • Raw land • Partnerships • Private developments • REITS-all types • Domestic rental property • Foreign rental property • Foreclosed properties • Tax liens and certificate • Trust Deeds & Mortgages • Equipment Leasing • Private Notes • Business Notes • Limited Liability Companies (LLC) • Gold & Silver • Foreign assets • Foreign real estate • Foreign Exchange • Hedge funds
• Venture capital • Lease Options and Sub Lease Options Merely glancing at this list should make clear what a manual, time-consuming task it is to appraise this category of assets. Guidelines for the Appraisal: • Use an independent appraiser-one who is not a disqualified party • Your own accountant, lawyer or "friend" may not be considered "independent for this purpose • Use an appraiser who has training and expertise with the specific asset being valued • Get a well written, signed, appraisal document with specific facts and opinions that support the value conclusion Remember that the onus is on the self-directed IRA account owner to arrange for the annual valuations. The IRA account should pay for the appraisal reports. Words of Wisdom Risk comes from not knowing what you are doing. No one takes better care of your money than you do. Most Americans spend more time planning their vacation than planning their retirement.
Lawrence Tepper specializes in: Promissory Note and LLC, Valuation, and Appraising Expert Witness----Expert Consulting Services EDUCATION AND TRAINING Law Degree /Accounting Minor University of Denver Colorado Real Estate Broker-- Promissory Notes Specialization Certified Commercial Investment Member From National Assoc. Realtors PRACTICAL EXPERIENCE 35 + years of appraisal and valuation experience for Attorneys, CPA's, Estates, and Financial Planners.
http://promissorynoteappraisers.com/
Article Source: http://EzineArticles.com/?expert=Lawrence_Tepper
==== ==== Hello check this out it's the cheapest IRA gold available. http://irallc.org/ ==== ====