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re: Bama boosters paid off the Saban's home (has this really not been posted?)
Posted on 10/27/14 at 9:10 am to thelawnwranglers
Posted on 10/27/14 at 9:10 am to thelawnwranglers
quote:
I am curious what the tax implications are and what is the point of it versus just giving him money.
I would assume they bought the house from him so they own it and Saban is allowed to live their rent free as long as he likes. If he ever decides to leave that house then they can sale it and hopefully get back most if not all of what they paid for it. If they just give him money Saban still owns it.
1
Posted on 10/27/14 at 9:11 am to Aman
quote:
I would assume they bought the house from him so they own it and Saban is allowed to live their rent free as long as he likes. If he ever decides to leave that house then they can sale it and hopefully get back most if not all of what they paid for it. If they just give him money Saban still owns it.
FMV of rent should be included in Saban's gross income unless there is some cool rule they are abusing to get him out of that. Does he host functions there?
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