Quote:
Originally Posted by Shipitfools
i would say if you play the usual stuff like 1/2 and 2/5 nl, i wouldnt pay taxes just save cash and buy your house and car with that. of course it may take a while, but if you have say 100k in cash, and a average house not near a big city is only like 200k, you should be ok to get approved maybe need a cosigner too
Lol, no.
Buying big ticket items where you have to put your contact information down is probably a bad idea.
I'm not a realtor, but I believe buying in cash usually means a cashiers check, which means you have to put the money into a bank. If it's in a bank then there are records of it. If there are records of it you'll live in fear of the IRS finding out for 7 years. When they find out, I'm sure the penalties for tax evasion > than just paying your damn taxes in the first place
Also, have you ever bought a house? If you have you would know that when you put down 50%, you still need a mortgage. The mortgage company is gonna want to know where the other 50% came from. They won't approve your mortgage if you just poof have 100k and need a mortgage for the other 100k.
Ymmv, but when I bought my house, I was told not to make any deposits that would draw flags for 3 months prior to applying for the mortgage (pay checks were ok because we have jobs, but just random thousand dollar deposits would have done it). So unless you're going to take an entire year to put 100k into a bank in like 8k chunks then wait several month after that to buy a house, you're kinda SOL (and I'm guessing someone who posts something like this isn't thinking about the long con aspects of the federal crime they would be committing)
Last edited by johnny_on_the_spot; 05-06-2016 at 08:32 AM.