Easy way to own a house ???
- Thread starter rickymac21
- Start date
Ronjohn7779
Well-Known Member
What I wrote is blatantly correct. Your ability to comprehend might be the only issue, perhaps you don't understand that the states and federial government are 51 (50 states+1 federal GVT) separate legal entities. As such there are some areas of conflict, but the feds also give some leeway to States as to how states want to tax you for living in there "domain". Some don't tax you for anything and others tax you up the ass (cali, NY, IL, Mi). How the states collect their money is of no interest to the federal government so long as it's constitutionally sound and legal. Tax laws aren't like traditional laws of legality. Unlike most laws states don't have to copy the federal GVT to collect generated revenue. Very few Federal Tax laws trump out state laws (unlike criminal and some civil laws). Thats why states can collect revenue on weed, where the fed wants nothing to do with that. State tax makes up a very small portion of the taxes people have to pay so long as you aren't a business entity. Thats why when most professionals are taking about taxes they're talking about federal taxes since it makes up a huge bulk of what you pay (technically you get refunded for state taxes if you itemize deduction is greater than your standard deduction). So most people don't end up paying state taxes since it's what tax professionals would consider a wash.
As I said, the "IRS" which most people would infer as the federal IRS does exactly what I wrote. It's the state laws on taxation that are different (i.e. tax stamps, which is what you wrote). Obviously there is some sort of discourse between the two. Tax stamps date back to colonial american times and some as recent as 1890s-1930ish. It's a very outdated form of taxing and intentionally left as such to screw over pot growers. As I said most states don't even issue stamps anymore (even though you have to pay the tax technically) and other states issue a laughable amount (i.e. enough for only a few oz in the entire state). Like federal tax laws on illegal operations, the state tax laws for marijuana tax stamps have a don't ask and don't tell policy concerning the collection and taxation of revenue/inventory (however it may work).
LT1RX7 Drifter
Active Member
paid for my house with bud proceeds, paid cash too $185,400.00 after not working for 2.5 years, paid the taxes no one said a damn thing, here is a life lesson the goverment only wants there cut its when you cut them out that they will pop your ass, this has nothing to do with pot its a money thing,
Ronjohn7779
Well-Known Member
2.5 years of drug money is easy to wash away as long as you pay taxes on it. You could just say you work in a cash based industry working odd jobs. Lots of people do it. It's called cash based accounting and it's totally normal for people to account and pay taxes this way (business can't). It's people who generate over $120,000 or more that typically get audited anyway. Also some folks that get a lot in the way of federal aid get audited up the ass too. You just have to be care if you pay way less then you made or abuse this privilege too much. Your bank statement and spending habits are a money trail. Most people spend 93-97% of their income and save 3-7%. So if what you spent is way more then what you made and you didn't buy using credit, a red flag might come up. Also red flag might come up if you haven't spent a lot of income (that might show your hiding money). It's all pretty weird shit.
LT1RX7 Drifter
Active Member
well i wont say the amount of cash i had at one point but it was a lot well over 120k, in the same 3 month period of time i bought 2 street bike a four wheeler a new car and truck as well as a camper trailer all with cash, like i said i didnt wash shit i just paid the taxes on purchases and property, if i hadnt you bet your ass i would have been thrown in prison for tax evasion like wesly snipes
Ronjohn7779
Well-Known Member
If you're ever in the same position again. Remember not to blow your cash on one item. Most people have living, travel, and various other expenses. It's not realistic that someone could spend 70-90% of what they made in the last 1-5yrs on one item and still live a normal life (thats a sign you might have more cash then you let on or generating cash illegally). Like I said burning it off slowly is the best way to spend it/live off it (i.e have a mortgage on a home, pay car payments, use credit pretty much). It's reasons like this that mobsters, strip club owner, and celebrities get busted on tax evasion 2 months before taxes are due.
NLXSK1
Well-Known Member
I dont know how long ago you did this but the IRS doesnt catch on quickly. Took 5 years for them to get around to my mom and her unpaid taxes. They can still come back to you and ask where you got the cash and what taxes were paid on it as income. And if you dont have a good explaination they can sieze the house and whatever else they think you got with illegal proceeds.
Always better to report it as income and pay the tax. Then it is truly washed.
thedoc08
New Member
^This.
All of these neat little toys you bought were (I assume) registered in your name. Acquired while you were jobless. Paid for in cash. Cash that you didn't pay taxes on. Wesly Snipes is in jail for failing to file federal tax returns, and not for declining to pay tax on purchased property and toys. That really isn't any different than what you did.
Since I can tell you aren't very sharp simply due to your admissions, I'll spell out what I'm saying for you. Paying property tax and sales tax on your toys does not do anything to prevent you from ending up like Wesly Snipes. Another thing to keep in mind champ: Wesly Snipes fraudulent activity took place primarily between 1997 and 2004, he wasn't charged until late 2006.
Sure will be a shame when all your shit gets seized and auctioned off to pay your back taxes plus interest.
listen to the pedo bear, hes right on the money here.
six8
Well-Known Member
if you come up with a business (cash only), you're still going to have to account for it allowing you to make big purchases. and if you can't come up with the numbers to justify it, the IRS will do it for you. at this point one or two things may happen...they'll look at you and say impossible, WTF is going on here or way to go this is what you owe. sure the IRS may not catch on right away, but they don't have to because they can pop into your life anytime they choose to. the best thing to do is continue going to school, pay off all your debt and your gf's debt. come up with a business, keep some type of fairly accurate records, pay your taxes, rent something with your girl, and then start spending in 5 years. if you've got the money you claim to have, why would you want to buy a house anyway. and what is your goal? i forgot, iv'e been smokin and readin
W Dragon
Well-Known Member
you'll need to clean the money if it's going into an account and you'll need to pay taxes to protect yourself!!!! i'm in the uk so i'm not sure how things work in the states but i do know the tax man has a far reach lol, if it was me and you have a perpetual i'd start going to the casino and class yourself as a professional gambler never change up more than a few thousand at a time (less than 10 here to stay under the radar) and lose 15-20%, change up cash for cash chips play and lose a little spend a few hours there and some money and the casino will be happy, take in cash and when you cash out get a check that can be put into your bank account legaly without explanation, keep to a routine don't get greedy and you should be fine people have been doing it here for ages and the casinos don't care as long as you stick to the rules and lose money to them, i spent a couple of years working in the casino's hear and have seen it many times and this is how i would do it mate. just a thought to put out there
thedoc08
New Member
Just deposit it into a checkings or savings account, and on your IRS income tax dealio, in the other sources of income column write something like "poker at local casino" and pay your taxes on it. No way for them to disprove that you have been playing poker frequently.
A few years ago I bought a brand new motorcycle with cash, well sort of. I was worried about taking all the cash into the dealership so I stopped at a bank to get a money order. No problems. The exact amount I forget but right around 15k. The teller told me something, exact wording I cannot remember, about any transaction over 9k needed to be reported to some government agency. The teller advised my to purchase two cashiers checks for 7,500 each where no reporting would be necessary. No ID required, not even a phone number. The next day the teller called me and asked for my SS number for reporting to IRS.
This doesn't compare to buying a house, but used to verify people are watching and a paper trail is created. I want to be in the room when you hand over < 100k to buy the house because like others said, eyebrows will raise.
This doesn't compare to buying a house, but used to verify people are watching and a paper trail is created. I want to be in the room when you hand over < 100k to buy the house because like others said, eyebrows will raise.
tip top toker
Well-Known Member
Yes, that would be what banks do when someone tries to put a large amount of cash through their systems. Money laundering would be the phrase of choice.
thedoc08
New Member
Structuring in his case, the IRS doesn't like that very much.
Igertiger
Active Member
I apologize for posting since this is sort of an older topic, but I had a thought for a front. What if you set up a little room in your house filled with books and magazines and maybe a nice desk setup, and said that you were giving out sex advice/consultation? You print up some flyers and cards with your program and how it can change lives. Your customers would rather remain anonymous to avoid embarrassment, so they pay with cash? There wouldn't be any need to have more employees than yourself, and there wouldn't be too many supplies to keep track of, such as the art supplies for a painter. Someone mentioned consultation a few posts ago, but I think this kind of front would maybe make a 3 year unemployment period a little less suspicious.
