IRS Cracking Down On Charities Involved In Real Estate Deals
It looks like the IRS has set it’s sights on the Real Estate world. Last week we talked about how the IRS is cracking down on 1031 exchanges. Now they are going after charitable donations that create huge tax windfalls for the taxpayer but have very little exposure for them.
The transactions are potentially abusive because they allow donors to improperly claim substantial tax deductions on ownership of a property.
In such cases, a donor buys either direct or indirect interest in a property. To avoid claiming capital gains— or to inflate the value of a loss — the donor transfers his or her interest in that property to a charity and takes a charitable-contribution deduction on his or income taxes that is significantly greater than the amount the donor paid to acquire the interest. via Philanthropy.com
If you have played this game to avoid some taxes keep your eyes open. It could come back to bite you.
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Comment by Metrowest MA Real Estate on 23 October 2007:
Interesting news piece..I had not heard this. Playing games with the IRS is never a good idea.