Legal Question in Real Estate Law in Massachusetts
real estate
my friend wants me to buy his apartment building for $1 and sell ti back to him for $1 to avoid paying capital gains tax. What trouble could i be in?
2 Answers from Attorneys
Re: real estate
First, what your friend is asking you to do will probably not work and appears to make no sense.
Second, if picked up by the IRS or someone else it will be treated a fraudlent transaction.
Tell your friend to go see a real estate or tax attorney. There are a lot of ways to reduce or delay taxes, but this idea will not work or will cause him serious problems if discovered. The IRS will treat it as a sham sale and/or fraudlent transaction. Moreover, I do not think it will avoid his capital gains problem.
Re: real estate
Its not my area but sounds like obvious tax fraud to me.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
