Purchase a home CASH from bank safety box?
from home cash From Home Cash ad
Overheard an acquaintance saying that he’s about to buy a 0K
home in los angeles with all cash from his bank safety box.
How can he do this? Won’t IRS ask where he got 0k? Is there a way to do this without IRS coming after him?
No, there is no way to do it without the IRS questioning it. Just because he has cash does not mean he committed a crime though, it is perfectly legal to "stuff your mattress".
Anytime more the 10k of cash changes hands it is reported. The title company will likely want documentation on it before the IRS gets involved.
Oh, I am sure IRS will do some investigating on this.
Do a web search for suspicious activity report (SAR).
There is no law against keeping cash in a safety deposit box (it may be difficult to instantly get $200k from a teller if you stumble on a deal). However, cash deposits, transactions, or transfers over a certain size may be reported to the government and investigated further. If he is not doing anything wrong, he has nothing to worry about. If it was unreported or under reported income, then start worrying.
Why are you asking this same question again?
ITS NO ONES BUSINESS (including you) WHERE HE GOT THIS $200k.
I have lots of cash that I haven’t deposited in the bank. I keep it in a safe in my house. This guy just keeps it in a bank safety deposit box.
Mind your own business.