Art of the deal: When Donald Trump sold his son a NYC penthouse apartment for $350K

Jan.January 12, 2018 01:47 PM

Eric Trump is combining three apartments atop the Trump Parc East into a valuable penthouse suite, but one of those condo units was sold to him by his father, and the building’s developer, Donald Trump, for just $350,000 in the spring of 2016. Eric Trump paid about half of the listed price for the apartment, a sale which would normally be treated as a gift by the IRS. If the apartment had been a gift, Donald Trump could have been taxed up to 40 percent of the market value. Experts guessed that the unit was sold for $350,000 so that it would look like a “fair market sale” and not a gift. [TRD & ProPublica]

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