open 2 private contract trusts one a transaction account operator of bank accounts and one a asset holding trust for hard assets
a person can recieve up to $11,000 / year listed as a gift to anyone they choose and it is a non-taxable event so if person A had a $55,000 house, and person B was the trustee for the buyer with cash [also a trust] the seller gifts $11000 in equity/ year to the buyer trust for five years and the buyer trust gifts $11,000 cash/ year to the seller for 5 years by private contract using an escrow account or third party transfer agent
fastmuscleman <m.schrader1@...> wrote:
What is a safe way to buy real estate if you have the cash?
I have a friend who has not paid income taxes for years.
This person can now afford to buy a home without financing.
Here is the
This person does not yet have a notice of federal tax lien filed
In addition, if this person does pay off the mortgage all at once
will this transaction be reported to the Feds?
It appears that if they do use either money orders,cashiers checks &
or wire tranfers that they will get reported.
Any currency transaction $3000 or more gets reported.
My friend was thinking of using a trust to protect their asset or
Any suggestions or advice to avoid unnecessary hassle?