Have money can't buy a house (Hicksville: real estate, attorney, houses)
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I am surprised many of you agree with being taxed on gifts, and some of us wonder how the govt gets away with overstepping there boundaries
If i give my kids, or could give my kids 400k i sure as hell don't want the govt taking a dime from it.
I think you're misreading peoples' posts - it's not the tax on the gift they are concerned with, it's the fact that the parents earned the cash without paying tax on it. Did you miss the part where the OP mentioned his parents "work off the books"?
I think the OP understands the paper trail that is going to be created and wants to avoid it.
I didn't read that part of the parents worked off the books, my mistake... i just re-read it and noticed i went right over that part and skipped that sentence to the next...
Well that brings a whole new situation, well you can talk to the homeowner and have him hold the note and give him cash every month at a large sum fairly quickly over a few years i guess...
Fourth, give the OP some credit for posting on here. I think it shows he feels a bit uncomfortable about accepting and using the money. He seems to be more honest than either set of parents.
I liked your post, but I disagree with this part. The OP did not appear (to me) to be uncomfortable with the tax evasion; in fact he seemed rather matter of fact about it. What I read is that he was asking for advice to complete the illegal transaction.......just looking to figure out how.....
I liked your post, but I disagree with this part. The OP did not appear (to me) to be uncomfortable with the tax evasion; in fact he seemed rather matter of fact about it. What I read is that he was asking for advice to complete the illegal transaction.......just looking to figure out how.....
Agreed. not only is he ok with it, but he's already found a house in Hicksville to buy.
I liked your post, but I disagree with this part. The OP did not appear (to me) to be uncomfortable with the tax evasion; in fact he seemed rather matter of fact about it. What I read is that he was asking for advice to complete the illegal transaction.......just looking to figure out how.....
Thanks. Maybe I read it too quickly. Anyway, if you report a $400K cash gift -- and its sources -- and you're only making $60K a year, I wonder if it raises any red flags at the IRS. I suspect not. Either they don't have enough resources in that agency or they don't care enough to track down all the serious violators. Either way, something has to change.
I also like the way the OP assumes that all immigrants don't pay taxes. Nothing like fueling the stereotype.
I recently got married and as a wedding gift my parents and my wife’s parents promised to buy us a house. I should mention that we are Indian and both our parents, like other immigrants work off the books. So when promised to buy us a house what they actually did is hand us $200K each in cash and said go and buy yourself a house. I work legaly and make about $60K per year, my wife is sitting home with our first baby. I put all that money into a safe deposit box for safekeeping. We have found a house that we like in Hicksville for $389K, however my dilemma is how can I buy a house with that money, I am afraid to put in into checking or savings account for fear that I will be investigated by IRS, and banks would’t give me a large enough mortgage to qualify for the house we want. Basically I have the cash to pay for the house but don’t know how to pay for it. I hope that clarifies my situation. Any advice would be greatly appreciated.
Please send me a DM and let me know what your parents and what your in-laws do for a living off the books where they can give $200K each as a gift. Seriously, I would be interested in a career change to a tax-free career that is somewhat lucrative, and what they do seems to fit the bill! I also have "desi" connections, so if it requires interfacing with that community, including speaking the language(s), I can do that too.
As for the advice you are asking for, Elke Marriotti gave the best information. You need to see an accountant for the best way to transfer this cash into a house.
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