I want to buy a cheap house for $26,000. My plan is to slowly siphon out the money through a BTC ATM machine ($7000 per day). That way, I'll have enough cash to make the purchase (plus brokerage fees).
Will this affect me in terms of taxation? If I pay with cash, will the IRS learn I purchased a house with money outside of my bank account?
Pic unrelated
Here's what will happen:
>you buy a house for cash
>IRS gets notified of suspicious activity
>you get audited
>they check your bank accounts and ask "How did you earn enough cash to buy a house?"
>go directly to jail for tax evasion
This is not using bitcoins to buy drugs on Silk Road. You're buying a house, everything is well documented.
How dumb are you
posible make fake contract with fake price
You may have difficulty securing a loan.
...
Yes user. Don't pay your taxes. I'm sure the government will have no suspicions when a NEET with no taxable income randomly drops 26 grand to buy a home.
>tell the IRS taxation is theft
>watch them shake in their boots and scream impotently
>>they check your bank accounts and ask "How did you earn enough cash to buy a house?"
Oh, my *dead relative* gave me this money.
>gift money
You don't have to report it to the IRS.
If I were you, I'd wait until one of your relatives dies.
Just do this, you have enough cash.
Stay under the radar.
Buying an existing house poses question.
fraud and tax evasion, good plan
theyll likely have you thrown in jail claiming youre a communist or something.
>gift money
there's a tax for that
who will know?
only 3 ppl who never say
have you ever bought a house before?
also have SYSCOIN for deals like this
These crypto coins are nothing but trouble
You have to report the deed transfer you fucking idiot
I'm a retard, the thread
for something like 20k
couldn't you say its a loan from family?
so long as your parents have respectable jobs and are willing to support your lie
>posible make fake contract with fake price
No tax on inheritance money, just go through the obituaries find someone who had no relatives
>posible make fake contract with fake price
26 grand aint that much, just say youve saved every birthday and Christmas money since you were born.
and what do you propose he do, tell the IRS it was an inheritance from a stranger? Theyre going to ask for the will of the person who died. Audits are very thorough
Dude I wasnt serious
>cheap house
Next on the list is probably a cardboard lambo.
>"How did you earn enough cash to buy a house?"
>I've been saving up my birthday money for the past 40 years
Can you get a loan from a family or friend then pay them back with the crypto money?
Is it still taxed?
>"Why dont you keep it in the bank? Youve had 26k in bills sitting in your house for 40 years"
Not dumb, just really ignorant, no one ever taught me this shit.
So, when I buy a house, come tax day, I have to report my purchase...
Fuck, is there no escape? I don't want to rent a cuckpartment. I was going to buy this house and defray expenses with a roommate.
Then they cant put the 26 g's in the bank though without it being reported
make contract with fake low price, pay with cash
BITCOIN it offshore banking in pocket
nope, there is no escape.
And then when you sell the house in 20 years and if it has appreciated in value, you pay capital gains tax on that too since you "made money"
The ride never ends
Well technically you would have until next year to report the cash flow. He could buy a house but would have to pay the taxes on the income in a year.
>Bank? More like (((bank))), amirite?
sell on contract with fake low price, take pay with bitcoin
You can put it in my name op. I mean it will be your house but just in my name. You dont even have to give me a key.
I guess I can wait until next April to cash out, because then my crypto gains will be considered long term capital gains...
Still, this fucking sucks. I still live at home with my parents... I was hoping to get a house, but I'll have to get an apartment instead :(
26k for a house. Where the fuck do you live? Detroit?
Looks like mom and dad can gift me $14,000 each without the IRS being concerned.
blog.taxact.com
>"I said I saved 26k for the past 40 years, I didn't have them for 40 years. Are you stupid? Is this the kind of people the government is hiring now?"
So will they withdraw that money from the bank to make it look legit?
My relatives from Russia gave me the money. Problem officer?
Why not just pay the taxes and avoid the hassle?
Russia eh?
Please put your hands behind your back sir
cuzzzzzzz i dont wannna
>30%
fuck that
There aint no houses for twenty grand even in Flint where op resides.
Move to Canada then where immagrents only pay 10% housing tax