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Having a large cash gift and choosing to put it all inside a safe deposit box is not really illegal. Why are people going ape-sh$% over OP's disclosing the size of the gift??!! Why do you people care? You have no idea if his family consists of 30 cousins from overseas who all pulled their savings or sold homes to accumulate the $400K gift. You have no idea if his family sold a business which netted them for a handsome profit. Or if they won lotto and decided to accept a lump sum payment instead of spending it upon receipt.
I've done closings for real estate purchases where Asian families routinely come to the table with that much liquid cash (or more) in their bank accounts - even one I remember doing for a 27 yr old junior accountant at KPMG who had $500K in savings - all due to extended relatives in Korea or China who would send $15K gifts every year and instead of spending it, she would stick into investments. That is the benefit of having very large families who help each other out financially. It is also a reason why you see these Indians living in 6 + bedroom/3+ bath houses in Hicksville not having any difficulty paying their mortgage/taxes because the bill is spread amongst 3 families...lol. There ARE ways to accumulate that much cash legally you know..
Taxes is the issue. Thats all I read on here on how much money we pay in taxes: School taxes, income taxes, property taxes, ect....... This guys family works off the books, gifts out the money they make and pays ZERO in taxes!
Having a large cash gift and choosing to put it all inside a safe deposit box is not really illegal. Why are people going ape-sh$% over OP's disclosing the size of the gift??!! Why do you people care? You have no idea if his family consists of 30 cousins from overseas who all pulled their savings or sold homes to accumulate the $400K gift. You have no idea if his family sold a business which netted them for a handsome profit. Or if they won lotto and decided to accept a lump sum payment instead of spending it upon receipt.
I've done closings for real estate purchases where Asian families routinely come to the table with that much liquid cash (or more) in their bank accounts - even one I remember doing for a 27 yr old junior accountant at KPMG who had $500K in savings - all due to extended relatives in Korea or China who would send $15K gifts every year and instead of spending it, she would stick into investments. That is the benefit of having very large families who help each other out financially. It is also a reason why you see these Indians living in 6 + bedroom/3+ bath houses in Hicksville not having any difficulty paying their mortgage/taxes because the bill is spread amongst 3 families...lol. There ARE ways to accumulate that much cash legally you know..
How about paying attention to reading comprehension of the initial post instead of launching into an argument with somebody using made-up scenarios that do not apply to the OP's situation?
The OP stated:
Quote:
Originally Posted by Confusedesi
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.
So, no, it's not money pooled from all and sundry in the family. It's money from the couple's respective parents only.
So, no, it's not "lottery winnings" or "selling a business," both of which are easily explainable (and capturable) in terms of income taxes. It's money made working off the books.
Sometimes I think people just make up new screen names and create stories like this to get us all fired up. I hope the OP gets this house and a natural disaster takes it out!
Sometimes I think people just make up new screen names and create stories like this to get us all fired up. I hope the OP gets this house and a natural disaster takes it out!
I was thinking the SAME exact thing! The OP is a new member.
Interesting - when I made a deposit of $ 19K a few months ago (cash gift from parents for an old debt I paid off for them 8 yrs go), I had no trouble having my credit union to process the deposit. I did not have to fill out any CTRs nor did my bank question where the source of the funds came from.
Yes but going out on a limb here, your name probably isn't Abdul, Mohammed or Habib. This guy, if real, would stick out like a sore thumb.
How about paying attention to reading comprehension of the initial post instead of launching into an argument with somebody using made-up scenarios that do not apply to the OP's situation?
The OP stated:
So, no, it's not money pooled from all and sundry in the family. It's money from the couple's respective parents only.
So, no, it's not "lottery winnings" or "selling a business," both of which are easily explainable (and capturable) in terms of income taxes. It's money made working off the books.
Listen ILLIB, you seem to get your jollies breaking apart all my posts so once again, I will repeat, why should we give a @#$ where the money came from or complain about it being from a "working off the books" source? Big Effing deal. It happens everywhere, let them complain when they are unable to collect SS in 20+ years. I am aware of what the OP said, I could care less whether it was a wedding gift which came from sources like lottery winnings or other forms - and hey, where is the OP now? Seems like he wrote this post to get everyone panties all in a bunch! :ro lleyes:
Listen ILLIB, you seem to get your jollies breaking apart all my posts so once again, I will repeat, why should we give a @#$ where the money came from or complain about it being from a "working off the books" source? Big Effing deal. It happens everywhere, let them complain when they are unable to collect SS in 20+ years. I am aware of what the OP said, I could care less whether it was a wedding gift which came from sources like lottery winnings or other forms - and hey, where is the OP now? Seems like he wrote this post to get everyone panties all in a bunch! :ro lleyes:
Actually, it's because of people like the OP's family that WE won't collect SS
I don't know about the rest of you, but I think the original post is a troll. Come on, he is very open about being Indian immigrant with parents being able to give him $400K working off the books. Honestly, I am sure that his parents have pretty good tax accountants who advise them excatly how much of a loss the business should show to avoid IRS scrutiny. I think the OP just posted it to see all the backlash!
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Why are people going ape-sh$% over OP's disclosing the size of the gift??!! Why do you people care? You have no idea if his family consists of 30 cousins from overseas who all pulled their savings or sold homes to accumulate the $400K gift. You have no idea if his family sold a business which netted them for a handsome profit. Or if they won lotto and decided to accept a lump sum payment instead of spending it upon receipt. 
I am aware of what the OP said, I could care less whether it was a wedding gift which came from sources like lottery winnings or other forms - and hey, where is the OP now? Seems like he wrote this post to get everyone panties all in a bunch! 
