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What happens if you don't report a finished basement?

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cadburyjump

Junior Member
I am in Utah and am aware of a situation that I am concerned about and want to know the law on. So someone finishes a basement without obtaining a building permit, and here it is years later and the county records STILL do not show that the basement has been finished even though it very clearly has been and has added many bedrooms and much value to the property. What would happen to this individual if they got caught for this tax evasion?
 


LdiJ

Senior Member
I am in Utah and am aware of a situation that I am concerned about and want to know the law on. So someone finishes a basement without obtaining a building permit, and here it is years later and the county records STILL do not show that the basement has been finished even though it very clearly has been and has added many bedrooms and much value to the property. What would happen to this individual if they got caught for this tax evasion?
___________________________________________________________________

That is a very state specific, and possibly county specific question. However, in my state, not much would happen, if anything at all. Perhaps a fine and an increased valuation for property tax purposes.

However, your state and/or county might be very different.
 

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