tax fraud
Announcement
Collapse
No announcement yet.
What’s your opinion on this….
Collapse
X
-
Check the signature…Was the buyers agent Patrice Colors?
There is a cap on donation amount write off anyhow. 250k donation wont be 250k tax write off. Theyre looking to screw you, general market purchasers, local government, state government, and federal government.
Its unethical not to report them.
Comment
-
I would need a lot more info before I started nailing anyone to the cross.
Maybe property is listed at $850k but they have offers higher than list price. Maybe as much as $1M, not uncommon in this market. Church offers $750k and hopes seller is a nice guy and will donate the rest. If so, they can give him a form 8283 for the other $250K Doesn't mean he can deduct all of it.
Comment
-
Originally posted by Hoggslayer View PostI would need a lot more info before I started nailing anyone to the cross.
Maybe property is listed at $850k but they have offers higher than list price. Maybe as much as $1M, not uncommon in this market. Church offers $750k and hopes seller is a nice guy and will donate the rest. If so, they can give him a form 8283 for the other $250K Doesn't mean he can deduct all of it.
Comment
-
Originally posted by Aggiehunter08 View PostThat Church needs to be exposed and out of business.
Comment
-
Originally posted by Playa View PostAnd therein lies the problem, this church and many like it have adopted 5the mentality of a for profit business as concerned with the bottom line or maybe more so than the community they serve
Sent from my SM-J737A using Tapatalk
Comment
-
Originally posted by Hoggslayer View PostI would need a lot more info before I started nailing anyone to the cross.
Maybe property is listed at $850k but they have offers higher than list price. Maybe as much as $1M, not uncommon in this market. Church offers $750k and hopes seller is a nice guy and will donate the rest. If so, they can give him a form 8283 for the other $250K Doesn't mean he can deduct all of it.
This is referred to as a "Bargain Sale to a Charitable Organization" in case anyone wants to research it.
Comment
-
I suppose that it would be legal if the sales price was reported at $850,000. The donation could be entered in the settlement papers as a $250K credit to the buyer, leaving $600K plus other misc. closing costs due on the bottom line. I'm no tax attorney or CPA, just saying that if the deal is clearly documented and agreed to, it is none of the IRS's business. It is really no different than the church paying full price and then the guy makes a $250K donation after funding. What would be problematic is if the guy reported the sale at $600K and then claimed a $250K donation without the church having a $250K deposit to verify the receipt.Last edited by 60 Deluxe; 06-22-2022, 03:48 PM.
Comment
-
Originally posted by Nate Riley View PostI'm certainly not trying to absolve either party, but I would agree with this. As a commercial appraiser who does donation appraisals, I would imagine that there is quite a bit more to the story or at least additional facts (including an appraisal) that would help us all to understand the situation better. The simplicity of the original post many have allowed some of us the room to make unfair judgments (especially about the church).
This is referred to as a "Bargain Sale to a Charitable Organization" in case anyone wants to research it.
Sent from my SM-J737A using Tapatalk
Comment
Comment