celebrity tax liens

Are Celebrity Tax Liens Treated Equally? Ask Nicholas Cage!

Was Nicholas Cage on his way to a tax deed auction (tax-defaulted property auction) with one of his 15 palatial estates? A few years ago, the actor was in hot water, having fallen behind on his property taxes to the tune of $13 million dollars.

How would you like to write that check?

Citing blame on his business manager for the oversight, Cage claimed to have paid over $70 million in taxes and assured after public disclosure of the information, that he was squaring things away with the government on his past-due bill and was now current.

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Celebrity Tax Liens – Other Celebrities’ Tax Defaulted Properties

Celebrity tax default on property is nothing new, even if the property owner comes from another country. Take, for instance, Ozzy and Sharon Osbourne. They hail from England but live and work in the US. They’re responsible for paying US taxes on all of the property they own on our shores.

A tax lien of $1.024 million was filed against the couple for back taxes not paid for 2008 and 2009. They have since paid the IRS back, so don’t look for their gorgeous home at a tax sale (tax-defaulted property sale). Again the buck was passed: Sharon tweeted, “You can’t rely on anyone but yourself. You have to be on top of your own business affairs. My fault…lesson learned.”

Actor Val Kilmer was reported to have owed half a million for both 2009 and 2010, proving once again that financial resources aren’t the only reason for non-payment of property taxes. Money management continues to be an issue for owners of tax-defaulted property, regardless of whether it’s $65 or $6.5 million. And when those taxes are not paid, properties are auctioned, regardless.

How Tax-Defaulted Tax Liens Work – Even Celebrity Tax Liens

Local governments, counties, and municipalities are taxing entities. They are approved and authorized to levy and collect property taxes.

Once the property is on the default list, there is no getting off the list, until the taxes are paid – even if you’re a celebrity. If you’re on the tax lien properties list, a short time later, the county government will take action to collect taxes.

In all 50 states, the local county government will move to send default notices. This is called due process of law.

Celebrity Tax Liens – Would Nicholas Cage Have Lost His House?

Purchasing a tax lien certificate at auction – even celebrity tax liens – does not give the purchaser of the certificate any rights in the property. The purchaser only gains a piece of paper; they do not gain possession of the property. The property owner has a set amount of time (determined by the county) to redeem the property by paying the taxes to the lienholder, plus any penalties and interest.

Increase Cash Flow and Build Wealth Investing in Tax Liens

Had you purchased the tax lien on Nicholas Cage’s house, you could have turned a tidy profit when you collected the taxes plus interest. Or, if he had been unable to pay, you would have owned a property (free and clear) worthy of bragging rights!

So you see, tax-defaulted property investing is a lucrative method of increasing cash flow and building wealth. Anyone can do it as long as you learn the ropes. Follow specific guidelines, and you can profit securely and with certainty.

If you’d like to learn more, there’s no one more qualified to teach you how to invest in real estate tax liens than Ted Thomas, America’s leading authority on tax lien certificates and tax-defaulted property investing.

Ted Thomas is the only one who provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops & web classes, and personal one-on-one coaching.

celebrity tax liensGet started today at no cost with Ted’s FREE Master Class, which reveals the incredible opportunities available in tax lien certificates and tax-defaulted property. The class is only about 1 hour of streaming video and contains life-changing information! You can’t afford to miss it!

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