Buying a house with cash (not a check, but actual $100 bills) - totaling about $60K. What r the implications-E-Answer.Net

Let's say I want to buy a house - an investment proprty (e.g. not primary residence). Lets say it costs $160K. To pay for it, I want to pay $100K off my documented savings account, and $60K in cash -- NOT a cachiers check, but actual $100 bills (all 600 of them). Let's say they are my "cash savings" from last 10 years that I kept under the mattress. :) Will this be reported to the you-know-what federal tax agency, and they'll come asking questions of the source of that money? And would the title company even accept real cash as payment, anyway?

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Finance Guy Votes: +0	Technically, cash is "legal tender for all debts, public and private", and, technically, it is illegal for anyone not to accept it. If someone ever refused cash as payment, you could, technically, call the police. Mortgage companies say they do not accept cash, and if you wanted to push the issue, you could sue them and pursue things through legal channels. It would not only be a daunting task, but probably draw some unwanted attention to the matter. All the comments made by others regarding the IRS are true... but no one would have cause to call the police, and they would not respond to such a call anyway. report abuse vote down vote up


Nick Z Votes: +0	I think the bank will have to report you not only to the tax agency but also to the police. Because in USA the law requires banks to report all suspicious financial transactions. They will all say that your cash is either drug money, or something to do with tax evasion, or some kind of money laundering related to terrorist activity. And the bank might even put your money on hold until all the investigations are complete. report abuse vote down vote up


Bob B Votes: +0	no one wants to handle cash! by federal law, any transaction over US$10,000 is reported. report abuse vote down vote up


bob Votes: +0	Yes, any cash transactions over $10,000 must be reported to the IRS report abuse vote down vote up


Warrior (((Good Bye Debra M.))) Votes: +0	Anything over $10K is suspect. I used to deal with customs while in the Air Force. report abuse vote down vote up


paladin Votes: +0	Mortgage co will not take cash, and yes it will be reported to irs... report abuse vote down vote up


I hate Comcast Votes: +0	We're going to need to know a couple of things first, like your address, birthdate, and social.... report abuse vote down vote up

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Buying a house with cash (not a check, but actual $100 bills) - totaling about $60K. What r the implications

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