IRS Restrictions?

Member

Does anyone know the common IRS restrictions within the US when it comes to selling properties as an agent? I can’t seem to find a clear list of restrictions anywhere online. Maybe I am looking in the wrong place?


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May 19, 2020 2:58 AM

I would look over the site to find the best information. I am not sure what exactly you are looking for. Can you pin-point it on this page so I can see if I can help?


https://www.irs.gov/publications/p523

May 20, 2020 10:29 PM

Member

alexie_adams: I would look over the site to find the best information. I am not sure what exactly you are looking for. Can you pin-point it on this page so I can see if I can help?https://www.irs.gov/publications/p523

@alexie_adams I am not sure either. I looked at the page and everything seems to be covered there but I don't quite understand the context of the question. 🤔

July 24, 2020 12:42 AM

Member

I don't know of any restrictions myself but I have heard of people abusing some of the laws in order to "gift" people properties. They write off the property as $0 in order to avoid taxation and all that other stuff. Basically, laundering money through the system which is a criminal offense.

July 25, 2020 8:23 PM
elliot: I don't know of any restrictions myself but I have heard of people abusing some of the laws in order to "gift" people properties. They write off the property as $0 in order to avoid taxation and all that other stuff. Basically, laundering money through the system which is a criminal offense.

@elliot Yike! I didn't even know that was a thing but it makes sense people with loads of money would do something like this. They want to sink money into something that they can later come back and get it without banks being directly involved.

July 25, 2020 8:55 PM

Member

There are only restrictions when it comes to money laundering and misinformation on deeds. That is the only two things I am aware of where the IRS would be concerned.

July 26, 2020 1:54 AM

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