My buyer want to purchase my house let’s say $500K, but only want to record the it as $450K to avoid extra yearly property tax (+$1200/yr). He want to give us $50K cash off the table. We feel very uncomfortable because I dont know how to go about it to make it legal. We can includes our boats and other hobies items in the sale to make it tangible property for $50K. Any suggestion??? Thanks
Keep all the money on the table and in your contract. There is nothing wrong with offering $450K for the property and another $50K for certain personal property to convey with the property. As long as all the terms are specified in the contract, and fully disclosed to all parties involved in the deal, no problem.