Have money can't buy a house (New York, York: apartment, rentals, refinance)
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I really hate to see all the nasty and hateful responses that were posted to my simple question. First off even if my parents did work of the books they have never used any of foodstamps or medicaid. Unlike all the lazy bums on LI they get up every morning at 4am and drive a taxi cabs until 8 or 9pm to make a nice life for their children. Let's not pretend that all these blue color Irish Italians who live on LI pay all their taxes and do everything by the book. We have met plenty of construction, plumers, electricials who were begging us to pay them partially or fully in cash, so lets not get all bent out of shape.
Getting back to my question, all I gather from your responses is that there is no way for me to legally purchase a house.
Lazy bums? Us lazy bums pay taxes and pay your parents for rides with what little we have left. Why didn't they claim the income from driving a taxi?
There are plenty of ways to buy the house legally. Gaming the system should already be ingrained in your DNA. Try to channel that.
I really hate to see all the nasty and hateful responses that were posted to my simple question. First off even if my parents did work of the books they have never used any of foodstamps or medicaid. Unlike all the lazy bums on LI they get up every morning at 4am and drive a taxi cabs until 8 or 9pm to make a nice life for their children. Let's not pretend that all these blue color Irish Italians who live on LI pay all their taxes and do everything by the book. We have met plenty of construction, plumers, electricials who were begging us to pay them partially or fully in cash, so lets not get all bent out of shape.
Getting back to my question, all I gather from your responses is that there is no way for me to legally purchase a house.
they get up every morning at 4am and drive a taxi cabs until 8 or 9pm to make a nice life for their children. Let's not pretend that all these blue color Irish Italians who live on LI pay all their taxes and do everything by the book. We have met plenty of construction, plumers, electricials who were begging us to pay them partially or fully in cash, so lets not get all bent out of shape.
I agree with you, assuming you're telling the truth. If there is anyone to blame, I blame it on the employers who exploit hardworking immigrants looking to save for a good future. And if your parents put the cash in the bank, the economy benefits from their accumulated savings.
Granted you have that cash, why don't you just sign me a blank cheque...I mean...why don't you consider renting a house instead and investing the balance in behalf of your parents? It takes some work but you can get returns 3% to 4% annually through a combination of investment alternatives. Not sure if one can get those returns from houses these days plus rents nowadays are very attractive.
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.
Very good point. But the difference here is that the money you give to your children would have already been taxed at least once. This $400K has not been taxed at all. In a budget crunch it is not fair for us Americans to pay our burden of taxes while foreigners get away not paying any at all.
What does being a foreigner have to do with it? There are many US-born workers who work off the books and don't pay income taxes. And there are many qualified foreign-born workers who would love to pay income taxes but they are deliberately excluded from jobs that would allow them to do so.
$400k? Holy smokes. My father in law as a gift gave a $1 instant lottery ticket and told me to "go scratch".
funny!!
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