to all Sifus, if i purchase a property under an unemployed person name. would the IRS come after them?

in cash or 90% loan?

unemployed sure cannot get loan unless cash, if cash, IRS will most probably come after them..but that depends on your property value.

in cash. and value is slightly below 300k.

but if the money is borrowed by me, and i have valid proof where the money came from, it should be fine right?

then they will check u for,

- Source of Income
- Evasion of Tax
- Anti Money Laundering

related person still ok, can argue borrow money without much issues. totally unrelated person will just invite trouble from the government.

ahahah.
You think you can just give money to someone to help you buy a property without anyone knowing? Not possible in today's context where the gov and uncle sam is around with their "eyes of sauron" watching over everyone lar....why do you want to do that in the first place? tax evasion? eventually the gov will still investigate the ultimate source of money i.e. from you! No point.

If i were the proxy guy, I just take the property from you as by law it is mine. MUAHAHAHAHA

Sure lah...do a trusty and PA prior.
gila ah...just like that....let you lari!!!

Dont think you can cheat the law by making such convenant. It would unlawful and thus invalid.

I lari

If such title is non-bumi title, then yes, PA is valid.

If such title is bumi title, you have to meet the requirements in order for the PA to be valid.

However, it is not advice to use a proxy name unless you can "control" the proxy.

What is your relationship with the proxy? Why the need for proxies when you are more than capable to buy it. If you care to share the story perhaps I could suggest something.

If it is your wife who is unemployed, I don't see an issue. As long as the money comes from you, you have nothing to hide. But if it is someone not related, why such a transaction? Heck, I won't even do it if it's my sister or brother.

Main reason is to enjoy the RPGT waiver.

how do you do that? You mean you wanna sell at below market rate to Person A and then to sell to another Person B for a way above market rate and then to let Person A claim RPGT? If that's the case, there are plenty of ways in doing the transaction.

If that is the case (you dont want to pay or minimize RPGT), there are many ways to do it (like what @michaellee says). Why you want to go a big round which will gives you potential trouble by using proxy name?

No. Its a direct purchaser from developer using others name but money came from me. then when he sell off the unit can claim for RPGT waiver since he never purchaser or sell any property before. after that he return all the money to me.
In that case i save at least 5% or maybe 10% of RPGT.

---

Added on April 17, 2012, 12:25 pm*purchase not
*purchaser


This post has been edited by Condo88: Apr 17 2012, 12:25 PM