A copy of the Mortgage Note – (This document can be found in the loan docs you signed on your last refinance) - If you cannot locate it we can call your lender together and have them fax it to us.
Original Letter from Licensed Accountant stating your income for the last 2 years in addition to your Year to Date.
In July of 2002 I claimed my independence from the volatility of the stock market, and have gotten steady double digit returns on my investments ever since. Later that year, I purchased my first really profitable tax lien.
That may not seem like much, but keep in mind that my original investment was less than $500 on the lien purchased in 2002, and in 2003 I purchased another lien on the same property for less than $500 and kept adding a little to it each year for the next 5 years. In fact when you add both liens together, I invested a total of $3943.56 and got back over $7200. What if you could invest $500-$1000 a year for the next 5-7 years and then get back almost double what you invested? Our interest income from tax liens in 2011 was close to $10,000 - and that was from only 3 tax liens.
I received a blended return of 4.78% in less than a year, but most of that money was held for less than 2 months.
And here's another example of a redemption where I made close to 10% on my investment in only 5 months. This tax lien certificate was purchased at the same time as the previous one, but for $1,110 and it was bid at 18%. How would YOU like to learn how to invest your money at double digit returns without the risk of the stock market? About Joanne MusaJoanne Musa, the Tax Lien Lady, helps investors profit from tax liens and tax deeds. I am an appraiser and I can supply that service, nationwide if I can locate the investors who need it. When you win a sweepstakes prize, you are only required by the IRS to report the fair market value (FMV), not the sponsor's approximate retail value (ARV).
If the ARV is High, Contact the Sweepstakes SponsorIf your FMV is significantly lower than the published ARV, contact the sweepstakes sponsor and politely ask them if they can lower the value when they send out their 1099 forms at the end of the year. We’ve leveled a lot of criticisms at the South Carolina Department of Commerce over the last several years, and will no doubt level more in the future. Among its conclusions: (a) our income tax system’s rates are too high, (b) the brackets are outdated, and (c) exemptions too excessive. According the report, as of 2010, South Carolina had the “highest marginal tax rate on the lowest level of taxable income in the Southeast (and third in the nation).” In other words, South Carolina has a high top-bracket tax rate (7 percent), and that rate kicks in at a very low amount of income ($13,350 in 2010 and roughly $14,000 today). The fact is that South Carolinians living barely above the federal poverty line are paying the highest marginal tax rate (in comparison, the 3rd lowest bracket for the federal income tax kicks in at $36,250, while the top bracket doesn’t kick in until $400,000). There is a striking lack of change in bracket thresholds from when these brackets were made in 1959 to 2010. And because the brackets are indexed improperly, according to the report (and according to reality), “many individuals are catapulted into higher tax brackets quicker than the rate at which their wages increase.
South Carolina’s income tax system also makes it uncompetitive with other Southeastern states, as seen in the report’s chart below.
Given North Carolina’s reforms that passed this year, South Carolina now has the highest marginal tax rate in the Southeast (not listed are Florida, which has no personal income tax, and Tennessee, which only taxes dividends and capital gains). The Commerce study notes, too, that South Carolina’s tax deductions and exemptions are too generous and plentiful.


Adding more exemptions and deductions doesn’t lessen the burden of South Carolinians as a whole – it lightens the load for those with the best connections at the State House. These simple reforms, according to the report, would “serve as a catalyst for instituting a more equitable, efficient, stable, and simple personal income tax structure.” We agree.
It was a small investment that I was able to add to each year, for the next 6 years and then I did nothing for the next 2 years. Would that be of interest to you? Well you can, and you can do even better than that by investing in multiple tax liens.
The longer you have a tax lien the more interest you collect, especially when you're able to pay the subsequent taxes and add even more to your investment over time. In this example I'm going to show you my redemption report from the tax lien investing software program I use - Tax Lien Manager™. Not a killing, but I would not be able to do that securely anywhere else, certainly not in my bank or Money Market account! Even though it redeemed only 5 months later, I still made $114.69 in interest and penalties.
Well you can, you too can claim your independence from the stock market, bankers, brokers, and financial advisors that just want to sell you the investments that they make a commission on. I have only one principle question – Some instructors advise investors to bid on commercial properties or high-value land parcels because there is less competition for them.
But how do you go about finding out what the FMV is, and how do you handle the difference on your taxes?
Many sponsors will do this automatically.In the case of a vacation prize, ask the sponsors to substantiate the prices.
Presently, however, an excellent report the agency put together in 2010 deserves for more attention than it ever got when it came out. In 2008, individuals in the highest tax bracket (7 percent) accounted for a whopping 42 percent of the returns filed that year. This phenomenon serves as an implicit tax increase.” Thus, every year that the brackets thresholds aren’t increased properly, taxes increase for South Carolinians. These high tax rates make South Carolina less attractive to those people and business owners who are contemplating moving to our state and growing our economy. These exemptions coupled with high marginal tax rates result in an increased number of individuals who bear no tax liability (people who end up paying $0 in income tax after exemptions and deductions) and leaves the tax burden to fall on fewer and fewer individuals.
Eliminating taxation on money earned from labor would be an essential component of becoming the freest state in the nation.
When I finally forced redemption by sending pre-foreclosure letters to the owners and the bank that held the mortgage on the property, I made over 150% interest on my original investment - almost doubling my money over 9 years on the original lien and I made over 72% in 8 years on a subsequent lien that I had purchased on that same property. How would you like getting checks totally over $20,000 within a couple of month of each other? And I could have done much better had I only not procrastinated and paid the subsequent tax payments in November instead of waiting until April! It's actually nice to have some liens that redeem faster than others because you can take that money and buy more liens and turn your profit around faster. Learn how to Invest safely for high returns with the Tax Lien Lady and a small group of savvy investors. Oftentimes they will receive discounted vacation packages, which can lower the FMV even farther than you expect.


Moreover, these high rates make South Carolinians less free by taking more money out of their pockets and putting it in the hands of lawmakers and bureaucrats, and thus, taking away the decision of what to do with part of their working income. In 2008, 41 percent of filers had no income tax liability at all, leaving the tax burden on the other 59 percent.
The agency does this ostensibly to “attract industry,” but by its own logic the tax codes scores of exemptions, deductions, and credits drive away industry.
The more earned money South Carolinians get to keep to provide for themselves and their families, they freer they will be, and the more prosperous our state will become through having more money being exchanged in the free market.
If the lien redeems in only a few months, you make a smaller amount, but it still sure beats what you can get anywhere else!
Learn the basics of tax lien investing with my Tax Lien Investing Basics home study course.
According to the report, the threshold for each bracket is adjusted annually to offset inflation in terms of the Consumer Price Index. Not to mention, South Carolinians have less incentive to work when they know 7 percent of most of their income will be going to state government. But these changes are made at the discretion of the SC Board of Economic Advisors, only periodically performed, done only at half the rate of CPI growth, and can’t exceed a maximum of 4 percent per year. Seven states currently have no personal income tax, and legislative leaders in North Carolina are planning to eliminate their personal income tax as well. And from now until July 4th you can save $100 and get the Basics program for less than half price when you use the coupon code JULY4. Compare the FMV with the ARVIf the FMV you discover is similar to the ARV, you can skip down to step 5. Call the IRS at (800) 829-1040 and ask them to send a Form 4598, Form 1099 Not Received or Incorrect to the sponsor. As seen in the chart above, the top bracket, if it were properly adjusted to CPI growth, would not kick in until a person makes over $73,000 – and the other brackets would have much higher thresholds as well. If South Carolina wants to stay competitive with its neighbors, it should seriously consider axing its current unsustainable “economic development by corporate welfare” policy – a policy that simply hasn’t produced any verifiable results beyond the anecdotal – and eliminate its tax on personal income. This step is not absolutely necessary, but it reinforces your claim that the prize was incorrectly valued, if the IRS wonders why the amount has been changed on your tax return.
Check the Value on the 1099sWhether the sponsor has agreed to change the ARV or not, check the prize value when you receive your 1099 forms.
How to Adjust the Prize Value on Your Tax FormsIn order to show the proper amount on your tax forms, submit the difference between the reported ARV and your FMV as a negative amount. The IRS may well question why your valuation of the prize varies from the sponsor's, and you want to have solid proof to back up your claim.
If you do not have any solid proof of the correct FMV, then you have to go with the amount listed on the 1099 form.If You Don't Get a 1099, Can You Skip Reporting a Prize?No! Legally, you are required to report all of your prize winnings (if you are in the United States. Check out my sweepstakes directory to find the right giveaways for you.And don't forget to sign up for my free sweepstakes newsletter for tips and new sweepstakes to enter, delivered to your inbox twice every week!



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