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JoeSpareBedroom JoeSpareBedroom is offline
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Default This Old [millionaires] House

"Kurt Ullman" wrote in message
In article ,
"JoeSpareBedroom" wrote:

And of course they have to pay income taxes on the value of the new

Property tax.

Income, too. Improvements you don't pay for (or are paid by others)
are income for tax purposes. Had a situation a couple years where the
IRS came after the owners of one of the "Show Houses" for the local
hospital. Said the improvements were income and they had to pay taxes on
it pronto, Tonto.

OK - that makes sense. This reminds me - I have to figure out a way to give
someone $100,000.00 when I win the lottery next week, without their having
to pay taxes on it.