Eric Trump Stands to Profit Bigly From Sweetheart Real Estate Deal With His Dad

[babylonsister]

http://www.motherjones.com/politics/2018/01/eric-trump-stands-to-profit-bigly-from-sweetheart-real-estate-deal-with-his-dad/


Eric Trump Stands to Profit Bigly From Sweetheart Real Estate Deal With His Dad
The middle Trump son bought two condos from the his father for half the listing price in 2016.

Derek Kravitz and Will Parker
Jan. 16, 2018 6:00 AM

This story was originally co-published by ProPublica and The Real Deal.


President Donald Trump’s son Eric is preparing to capitalize on a windfall he received from his father during the presidential campaign: He’s combining three luxury Manhattan high-rise apartments, one of which he purchased at a throwaway price from his father, into one potentially lucrative penthouse.

In the spring of 2016, Eric Trump got a great deal from his father. He bought two previously unsold condominium apartments at Trump Parc East for just $350,000 each, about half of the price they had recently been listed for.

Such bargain basement sales are usually treated as gifts by the IRS. But they might not have been taxed that way, tax experts said, because of advantages available only to real estate developers.

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Trump paid transfer taxes on the sale, which isn’t the norm when gifting a property. But he also did not check a box on sales documents to indicate that the sale was between two relatives.

The tax reform bill the president signed into law last month increased the amount of tax-free gifts individuals can hand down to their children from $5 million to $10 million. Without the president’s tax returns, we might never know if Trump reported the $350,000 sales to Eric as gifts.

Trump was listed as Trump Parc East’s legal salesman until August of last year, eight months into his presidency, filings with the New York State Attorney General show. The president’s two oldest sons, Eric and Donald Trump Jr., are now in charge of selling the 14 remaining apartments in the building owned by the Trump Organization.

[Mc Mike]

1. Scum gotta scam. rec, Nt