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re: Fee Simple “Investment” - Tax Play
Posted on 10/11/24 at 8:47 am to Weagle25
Posted on 10/11/24 at 8:47 am to Weagle25
My BIL has a conservation easement.
He did not solicit others as part of a syndicate. He grows hardwood trees. It’s all legit.
It saves him on his property taxes.
The idea presented is most likely a scam.
But if you want to give it a shot, maybe it will work out perfectly.
He did not solicit others as part of a syndicate. He grows hardwood trees. It’s all legit.
It saves him on his property taxes.
The idea presented is most likely a scam.
But if you want to give it a shot, maybe it will work out perfectly.
This post was edited on 10/11/24 at 8:56 am
1
Posted on 10/11/24 at 12:01 pm to makersmark1
quote:
The idea presented is most likely a scam.
Not a scam. Just a very risky position to take.
I don’t think OP understands all the risks since his CPA is saying he’s never had one audited (which I highly doubt).
You basically have to fill out a special form telling the IRS to come audit you.
Posted on 10/12/24 at 5:12 am to Weagle25
quote:
You basically have to fill out a special form telling the IRS to come audit you
That sounds fun. I’ve only had one correspondence with the IRS. They listened to my explanation. They agreed with what I had done, but they asked me to have the Army and the VA send letters and documents to them regarding my situation. I just paid the bill because that would have taken an enormous amount of effort to get 2 government agencies to act on my behalf. It was just easier to pay the IRS than to spend endless hours tracking down the info they wanted.
You start out trying to avoid taxes. You join this “syndicate” specifically designed to avoid taxes. IRS decides that this particular instrument is not in compliance with the tax code. You get the choice of paying what they say you owe with interest and penalties, or paying a lawyer to go to court.
I’m sure there are legitimate methods to avoid taxes, but the IRS radar is likely on programs like this.
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