ILLMAS Posted October 9, 2014 Report Posted October 9, 2014 What would be the tax consequence for the person that trades a $600 phone for a house worth more then the phone? http://www.cnn.com/video/?/video/us/2014/10/08/pkg-man-wants-trade-home-for-iphone-6-ipad.wxyz&hpt=hp_t2&from_homepage=yes&video_referrer=http://www.cnn.com/ Quote
kcjenkins Posted October 10, 2014 Report Posted October 10, 2014 If it's an "arms length transaction" between unrelated parties, then the house IS worth the price of the phone. I'd be more worried that there is some problem with the seller's title, or liens against it, condemnations action, etc. Quote
joanmcq Posted October 13, 2014 Report Posted October 13, 2014 Gutted by fire in Detroit? It MIGHT be worth $600. If you watch the video, no one's taking him up on it. Original listing price, $3000, then dropped to $2000. Quote
kcjenkins Posted October 13, 2014 Report Posted October 13, 2014 Presumably the lot should be worth something, but given that city, in many parts it might not be. Or the lot might be, but the cost of demolishing the house would be too high. Quote
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