Legal Question in Real Estate Law in California

back date property sale

My CPA suggests backdating the sale of a condo that I own that has been my daughters principal residence for the last 2 years. She would sell it, loan me the proceeds and fogving the loan over a period of years.........is this legal? I will save me 40-50K in capital gains.


Asked on 2/09/01, 1:07 pm

2 Answers from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: back date property sale

Even if this "transaction" had occurred at the prior date, it might not have achieved the desired results. Many transactions between closely-related persons are disregarded by the IRS for calculating gains or holding periods.

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Answered on 3/21/01, 7:35 pm
C. David DuMond Law Offices of David DuMond

Re: back date property sale

You must have Richard Nixon's CPA. Fire this person immediately and find someone who will not propose "solutions" which subject you to severe civil and criminal penalties.

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Answered on 3/21/01, 7:25 am


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