Legal Question in Real Estate Law in Virginia

Recording Sale Price Of Real Estate

I know a firm that records appraised value instead of sale price of real estate that they buy at land tax sales at low prices such as $200, then they donate it to charity if they can't sell it and use the appraised value such as $4000 as a tax deduction saving $1500 in taxes. They do not declare capital gains on the property before donating. They have the deed recorded as false proof they paid $4000 in case of an audit. I know it is an IRS violation but is it illegal under Virginia code and if so what section.


Asked on 5/02/06, 2:35 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Recording Sale Price Of Real Estate

This is a question you should present to the local prosecutor's office(Commonwealth Attorney)

in the city or county where these apparently fraudulent activities are alleged to have occurred and one or more persons within this office should be able to provide you with a definitive answer to this question.

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Answered on 5/03/06, 9:40 am


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