What a Tax Scam??

[TAXNJ]

And to whom did the Buyer sell the house to? The college Dean of Admissions?

Since all the facts are not listed, sounds like an arms length transaction that is normal.

[ATSMAN]

And to whom did the Buyer sell the house to? The college Dean of Admissions?

The Fencing coach who got the kid admitted to Harvard!

[Uncle Sam]

And to whom did the Buyer sell the house to? The college Dean of Admissions?

[ATSMAN]

From the Boston Globe Story:

Assessed Value of the house $549,000 owned by an employee of a university.

Buyer pays $1,000,000 for the house and never lives in that house it is an investment property.

Buyer sells the house 18 months later at a loss of $324,500

Buyer gets to write off the loss. Buyers son gets an admission to the top university in MA!

If the sh*t did not hit the fan this would be a tax deductible admission!