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(former)FormerSanDiegan
ParticipantWhen houses in Temecula compare in price to those in Norman, Oklahoma I would consider it safe to jump in.
I think we have just about reached that point.ParticipantThe term comes from an ages old stock market saw, “It is better to pick up the knife after it has hit the floor than to try to catch it while it is falling”
http://www.wisegeek.com/what-does-it-mean-to-catch-a-falling-knife.htm
ParticipantThe term comes from an ages old stock market saw, “It is better to pick up the knife after it has hit the floor than to try to catch it while it is falling”
http://www.wisegeek.com/what-does-it-mean-to-catch-a-falling-knife.htm
ParticipantThe term comes from an ages old stock market saw, “It is better to pick up the knife after it has hit the floor than to try to catch it while it is falling”
http://www.wisegeek.com/what-does-it-mean-to-catch-a-falling-knife.htm
ParticipantThe term comes from an ages old stock market saw, “It is better to pick up the knife after it has hit the floor than to try to catch it while it is falling”
http://www.wisegeek.com/what-does-it-mean-to-catch-a-falling-knife.htm
ParticipantThe term comes from an ages old stock market saw, “It is better to pick up the knife after it has hit the floor than to try to catch it while it is falling”
http://www.wisegeek.com/what-does-it-mean-to-catch-a-falling-knife.htm
August 1, 2008 at 10:16 AM in reply to: Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it’s an all cash deal? #250345ParticipantI would worry that this transaction is being set up primarily as a tax dodge. The Government has been aggressively targeting tax dodges over the past several years.
The purpose of the transaction appears to be primarily to either a) avoid estate taxes, or b) establish a high cost basis that eventually benefits the buyer when they sell.I would not stick my neck out on a transaction like this. You can probably get away with transactions within 15-20% of comps, since it might be harder to prove that it was overpaid. But a 100% difference would likely stick out if there is any screening going on by any law enforcement agencies. OR even worse, it will likely get noticed on one of these housing blogs as such an outlier that would raise suspicion.
August 1, 2008 at 10:16 AM in reply to: Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it’s an all cash deal? #250502ParticipantI would worry that this transaction is being set up primarily as a tax dodge. The Government has been aggressively targeting tax dodges over the past several years.
The purpose of the transaction appears to be primarily to either a) avoid estate taxes, or b) establish a high cost basis that eventually benefits the buyer when they sell.I would not stick my neck out on a transaction like this. You can probably get away with transactions within 15-20% of comps, since it might be harder to prove that it was overpaid. But a 100% difference would likely stick out if there is any screening going on by any law enforcement agencies. OR even worse, it will likely get noticed on one of these housing blogs as such an outlier that would raise suspicion.
August 1, 2008 at 10:16 AM in reply to: Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it’s an all cash deal? #250508ParticipantI would worry that this transaction is being set up primarily as a tax dodge. The Government has been aggressively targeting tax dodges over the past several years.
The purpose of the transaction appears to be primarily to either a) avoid estate taxes, or b) establish a high cost basis that eventually benefits the buyer when they sell.I would not stick my neck out on a transaction like this. You can probably get away with transactions within 15-20% of comps, since it might be harder to prove that it was overpaid. But a 100% difference would likely stick out if there is any screening going on by any law enforcement agencies. OR even worse, it will likely get noticed on one of these housing blogs as such an outlier that would raise suspicion.
August 1, 2008 at 10:16 AM in reply to: Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it’s an all cash deal? #250565ParticipantI would worry that this transaction is being set up primarily as a tax dodge. The Government has been aggressively targeting tax dodges over the past several years.
The purpose of the transaction appears to be primarily to either a) avoid estate taxes, or b) establish a high cost basis that eventually benefits the buyer when they sell.I would not stick my neck out on a transaction like this. You can probably get away with transactions within 15-20% of comps, since it might be harder to prove that it was overpaid. But a 100% difference would likely stick out if there is any screening going on by any law enforcement agencies. OR even worse, it will likely get noticed on one of these housing blogs as such an outlier that would raise suspicion.
August 1, 2008 at 10:16 AM in reply to: Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it’s an all cash deal? #250574ParticipantI would worry that this transaction is being set up primarily as a tax dodge. The Government has been aggressively targeting tax dodges over the past several years.
The purpose of the transaction appears to be primarily to either a) avoid estate taxes, or b) establish a high cost basis that eventually benefits the buyer when they sell.I would not stick my neck out on a transaction like this. You can probably get away with transactions within 15-20% of comps, since it might be harder to prove that it was overpaid. But a 100% difference would likely stick out if there is any screening going on by any law enforcement agencies. OR even worse, it will likely get noticed on one of these housing blogs as such an outlier that would raise suspicion.
August 1, 2008 at 9:54 AM in reply to: Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it’s an all cash deal? #250326ParticipantThis looks a lot like a person trying to avoid estate tax. Hiding transfers of large sums in transactions is an old trick that rich folks try to use to transfer wealth while avoiding estate tax.
Transfers among relatives tend to draw scrutiny.
You also might want to look into the details of the Duke Cunningham case and see if his sale of overpriced house violated laws other than the obvious influence peddling charges.
P.S. – The relative would overpay by 5-6 K per year in property taxes.
August 1, 2008 at 9:54 AM in reply to: Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it’s an all cash deal? #250480ParticipantThis looks a lot like a person trying to avoid estate tax. Hiding transfers of large sums in transactions is an old trick that rich folks try to use to transfer wealth while avoiding estate tax.
Transfers among relatives tend to draw scrutiny.
You also might want to look into the details of the Duke Cunningham case and see if his sale of overpriced house violated laws other than the obvious influence peddling charges.
P.S. – The relative would overpay by 5-6 K per year in property taxes.
August 1, 2008 at 9:54 AM in reply to: Sort of On Topic. Is there any issue over overpricing and overselling a home to a relative if it’s an all cash deal? #250489ParticipantThis looks a lot like a person trying to avoid estate tax. Hiding transfers of large sums in transactions is an old trick that rich folks try to use to transfer wealth while avoiding estate tax.
Transfers among relatives tend to draw scrutiny.
You also might want to look into the details of the Duke Cunningham case and see if his sale of overpriced house violated laws other than the obvious influence peddling charges.
P.S. – The relative would overpay by 5-6 K per year in property taxes.
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