Businessman who sold house to Bevin could reap tax benefit

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LOUISVILLE, Ky. (AP) – Tax experts say a Kentucky businessman who sold a home to Republican Gov. Matt Bevin could reap a benefit from the sale in the form of a large tax break.

University of Kentucky associate law professor Jennifer Bird-Pollan told the Lexington Herald-Leader (http://bit.ly/2ram6GE ) that the lower price Bevin paid could be used to offset any capital gain income Neil Ramsey had in the year of the sale. She says there’s nothing illegal about what Ramsey did.

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Kentucky Center for Economic Police executive director Jason Bailey said the loss can reduce a person’s tax bill, especially if the person is in a higher income tax bracket.

Ramsey didn’t respond to an email from the newspaper asking detailed questions about the sale. Bevin has dismissed concerns raised about the transaction as “political mumbo jumbo.”

Bevin spokeswoman Amanda Stamper said the tax implications rely on “speculation.”
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Information from: Lexington Herald-Leader, http://www.kentucky.com

Copyright 2017 The Associated Press.