Published:
Views: 457

Finance Committee Slams Bogus Appraisals and Shady Tax Deals

The bipartisan Senate Finance Committee determined that inflated property appraisals and “sham partnerships” often enabled tax cheats to claim more in deductions than lawfully allowed. Investigators unearthed emails detailing how crooked syndicators engineered easements to yield more lucrative tax breaks

The bipartisan Senate Finance Committee determined that inflated property appraisals and “sham partnerships” often enabled tax cheats to claim more in deductions than lawfully allowed. Investigators unearthed emails detailing how crooked syndicators engineered easements to yield more lucrative tax breaks by overinflating land values. Such illegal activities have drawn IRS scrutiny over the last several years. In 2019, the IRS spotlighted syndicated conservation easements as a scheme taxpayers should avoid while at the same time estimating that such plots accounted for more than $20 billion in fraudulent federal tax deductions from 2010 to 2017. The Finance Committee report, which was released in September, calls for an increase in IRS enforcement as well as legislation to curtail dubious deals.

Click here to read more.

Posted in Conservation, Feature, Federal Policy, News Desk

EMAIL SIGNUP

Please sign me up to receive breaking news and updates from the Land Report!

News By Region

The Land Report is proudly partnered with: Hall and Hall Bates Land Consortium Mossy Oak Properties United Country Real Estate Live Water Properties Fay Ranches Inc. Mirr Ranch Group californiaoutdoorproperties.com Whitetail Properties Hayden Outdoors Real Estate Western Ranches

Contact to Listing Owner

Captcha Code
Pacific West Great Plains Great Lakes Midwest Southwest South Northeast Pacific West Great Plains Great Lakes Midwest Southwest South Northeast