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Old 05-11-2018, 04:27 PM
 
2,360 posts, read 1,028,642 times
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Quote:
Originally Posted by Aredhel View Post
Paying a modest amount of taxes on interest is better than losing the entire stash to a house fire or a burglary.



You'd be surprised what the IRS can learn about your financial situation without even looking at your tax return. Remember, the individuals and businesses you work for also file tax returns, and the IRS can both read and add...

ill take my chances lol.. dig a hole in the ground something other then putting it in the bank for them to bank off interest on it.


IRS can read and Add.. and yet they still screw things up, and yet still cant figure how to get you your refund quicker and correct. Funny how they want their check in the mail by a date, but in return will mail you a refund when it fits their time table. Another topic later next tax season..
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Old 05-11-2018, 04:34 PM
 
Location: Omaha, Nebraska
6,299 posts, read 3,479,933 times
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Quote:
Originally Posted by hitpausebutton2 View Post
IRS can read and Add.. and yet they still screw things up, and yet still cant figure how to get you your refund quicker and correct. Funny how they want their check in the mail by a date, but in return will mail you a refund when it fits their time table. Another topic later next tax season..
Switch to electronic filing, and have the refund directly deposited into your bank account. You'll generally receive it in a matter of days. It's much faster than waiting for a check in the mail.

Congratulations on your raise, by the way.
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Old 05-11-2018, 04:44 PM
 
6,075 posts, read 2,498,198 times
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Quote:
Originally Posted by hitpausebutton2 View Post
cash is great to have vs putting in a bank were they have to report all accounts over x amount and IRS making you pay taxes on it. If i had a millions bucks, u betta i would have it in cash under a mattress.. no way for the irs would know what i earn each year.
You can also trickle the money into different accounts over time. Only amounts over 10k are flagged by the bank. No one batts an eye if you deposit $1200.

I am not sure what the time frame is though, if you can trickle in daily or monthly etc.
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Old 05-11-2018, 04:44 PM
 
2,360 posts, read 1,028,642 times
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Quote:
Originally Posted by Aredhel View Post
Switch to electronic filing, and have the refund directly deposited into your bank account. You'll generally receive it in a matter of days. It's much faster than waiting for a check in the mail.

Congratulations on your raise, by the way.

I always done efile, just past 2 years with me moving and other job expenses and a audit, I had to file paper with proof of purchases.

Amazing i been audit each time i get a decent bump in pay..

2000 audit as i went from 18 to 27k in same year
2004 went to 32..
no audits for a while till 2010 when i was making 64k got hit for 4 straight years..

and now for 2017 got hit again.. and its random they say.. geezz


but in my defense i did get hit with ID theft back during a breach in 2000.
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Old 05-15-2018, 07:16 AM
 
Location: World
3,148 posts, read 3,210,342 times
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Quote:
Originally Posted by UNC4Me View Post
They’re taking on mortgages. 35% of mortgage borrowers the last few years have been Millennials. Boomers are the next biggest group at 30%. For qualified buyers, rates are historically low and attractive to buyers. I can’t see many living in a van until they can buy. In a high COL area, they’d be living in it for a long, long time.

Comparison is always made between Boomers and Millenials. What about Generation X (1960 to 1980). They are supposed to have decent earnings / savings. Are they left behind in this market ??
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Old 05-15-2018, 07:30 AM
 
5,606 posts, read 4,160,862 times
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Quote:
Originally Posted by munna21977 View Post
Comparison is always made between Boomers and Millenials. What about Generation X (1960 to 1980). They are supposed to have decent earnings / savings. Are they left behind in this market ??
If 35% are Millennials and 30% are Boomers, then the remaining 35% are other generations. Since I doubt many in the Silent generation are purchasing, it stands to reason Gen X purchasers are a significant percent of that 35%. However, Gen X got hit hard by the housing bust. They bought at the peak and saw their homes lose value. Perhaps many are staying put until they’re above water again?
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Old 05-16-2018, 08:20 AM
 
Location: Silicon Valley
2,755 posts, read 1,211,909 times
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Quote:
Originally Posted by Aredhel View Post
Paying a modest amount of taxes on interest is better than losing the entire stash to a house fire or a burglary.



You'd be surprised what the IRS can learn about your financial situation without even looking at your tax return. Remember, the individuals and businesses you work for also file tax returns, and the IRS can both read and add...
I'd second that statement. There's also an enforcement arm of the Department of Treasury that looked to recruit me many years ago. Basic setup was the local boys in blue break down the door and secure the area, the FBI looks for the criminal crimes, Treasury would follow the money for seizure and the IRS would come in to tax the hell out of everything.

The combination basically leaves you without freedoms, broke and facing onerous tax penalties and interest while you try and sort it out with no assets to maneuver with. It's why legal teams collect retainers that you pay in good times.

So to the writer that preceeded this....if you get a million dollars....pay taxes on it. The IRS has no reason to hurry. There's no statute of limitations if you exclude material amounts of income. They'll just wait for their bill to consume everything you have while running up horrendous interest rates.

Whoever gave it to you...is reporting it on their end. Whoever you spend it with...has to report it on their end. They are quite good at this game.
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Old 05-16-2018, 11:12 AM
 
6,075 posts, read 2,498,198 times
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Quote:
Originally Posted by munna21977 View Post
Comparison is always made between Boomers and Millenials. What about Generation X (1960 to 1980). They are supposed to have decent earnings / savings. Are they left behind in this market ??
I think Gen X sometimes gets rolled in with boomers.
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Old 05-16-2018, 11:14 AM
 
6,075 posts, read 2,498,198 times
Reputation: 3876
Quote:
Originally Posted by artillery77 View Post
I'd second that statement. There's also an enforcement arm of the Department of Treasury that looked to recruit me many years ago. Basic setup was the local boys in blue break down the door and secure the area, the FBI looks for the criminal crimes, Treasury would follow the money for seizure and the IRS would come in to tax the hell out of everything.

The combination basically leaves you without freedoms, broke and facing onerous tax penalties and interest while you try and sort it out with no assets to maneuver with. It's why legal teams collect retainers that you pay in good times.

So to the writer that preceeded this....if you get a million dollars....pay taxes on it. The IRS has no reason to hurry. There's no statute of limitations if you exclude material amounts of income. They'll just wait for their bill to consume everything you have while running up horrendous interest rates.

Whoever gave it to you...is reporting it on their end. Whoever you spend it with...has to report it on their end. They are quite good at this game.
Typically the IRS does not even care until the dollar amounts start becoming significant. No one cares that have an unaccounted for $1000. If you start talking tens or hundreds of thousands then they start paying attention.
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Old 05-16-2018, 11:54 AM
 
8,288 posts, read 3,456,454 times
Reputation: 1586
Quote:
Originally Posted by pittsflyer View Post
Typically the IRS does not even care until the dollar amounts start becoming significant. No one cares that have an unaccounted for $1000. If you start talking tens or hundreds of thousands then they start paying attention.
Make more money and the chance of an IRS audit goes up:

https://www.fool.com/retirement/2017...irs-audit.aspx
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