• Manafort sells Florida mansion to his wife for $10
    6 replies, posted
https://www.forbes.com/sites/kathleenhowley/2018/11/29/manafort-sells-florida-house-to-wife/?utm_source=TWITTER&utm_medium=social&utm_content=1939431228&utm_campaign=sprinklrForbesMainTwitter#161fd1bc7350
That can't be legal
It's legal. People try to do it all the time to avoid inheritance tax too. Kicker is that the IRS is smart AF and considers the sale of your home for such a low amount as part sale and part gift because they connect the dots that you're only selling your fucking home to someone based on your connection to them, usually because they're your wife or child.
so then you have to pay the taxes on the market value of the home, since it's a gift in excess of $X?
Depends on if you continue to occupy the home or not after the sale and some other stuff iirc. BDA might know more since he's a realtor iirc?
Either way I assume he's not doing this for tax reasons but to try to avoid the government seizing his assets
Might delay Mueller's team a bit if they were seeking to seize the property, but not for long. As the article explains, it's clearly not an "arm's length" transaction, and it's definitely not an indication of the property's actual market value. I couldn't tell you the exact process required, but it sounds like all Mueller's team would have to do is demonstrate to a judge that this was a transaction intended to compartmentalize an unlawfully acquired asset to protect it from seizure, and the transfer of ownership is void.
Sorry, you need to Log In to post a reply to this thread.