Legal Question in Wills and Trusts in Massachusetts
Selling property under value
I am involved in a real estate trust with 4 others. Could I buy a piece of the land, for $1, and not have it be considered a gift on my income tax?
Asked on 11/20/99, 7:13 pm
1 Answer from Attorneys
Re: Selling property under value
You don't pay income tax on gifts you receive.
Why would the 4 others be selling you an asset
of the trust for $1? That's the key question.
Phone me (617) 527-0050 or write to me directly at [email protected] and
we can figure out what you need to know.
Answered on 11/26/99, 12:56 pm
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