Lance R. Pomerantz
Attorney at Law

Land     Title     Law

“Constructive Notice”  The  Newsletter

Excerpted from the May 26, 2011 mailing of "Constructive Notice":
IRS Using Land Records in Gift Tax Crackdown

This article in the May 26, 2011 Wall Street Journal points out that the IRS has already received “land records” from New York State, as well as others, in an effort to collect unpaid gift taxes on taxable land transfers. The implication that a potential gift tax liability might be discoverable from an examination of the land records (without the necessity of a lien filing) should be considered when purchasing real estate or title insurance.