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I'm Getting Caught In A Cash Trap As I Retire
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Sep 18, 2021 17:36:42   #
woodguru
 
We are looking ahead four or five years at a retirement plan. I have been suggesting buying a house in Coos Bay because of the weather being much cooler and consistent, as well as the ocean and sea harbor town.

My wife wants to wait until we are ready to sell the house, and pay cash for the new house. I think prices will go up due to a lot of other people looking at the same things as the weather is going to crap in many areas.

So talking to a real estate person about giving a guy $300k cash and getting him to carry the rest for a few years until we sell the house, she said I need to be able to prove where I got it. I have cash I have been accruing for years that cannot really be used without facing scrutiny on where it came from. I've bought an F150 Platinum and a boat private party in the last year I paid cash for, no hassles...but a house is another story.

I'm going to liquidate a ton of things like gems and coins through Ebay over the next year or so and incorporate the cash into the bank in a steady manner so I have better access to it for real estate.

I feel like I'm having to money launder my own cash I've accrued over 15 years of wheeling and dealing buying things and selling them for more than I paid.

It is an interesting conundrum...my wife didn't have a clue how much I've had stashed, I've laughed thinking if I died she would have a heart attack at how much cash I have access to.

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Sep 18, 2021 17:52:38   #
Smedley_buzkill
 
woodguru wrote:
We are looking ahead four or five years at a retirement plan. I have been suggesting buying a house in Coos Bay because of the weather being much cooler and consistent, as well as the ocean and sea harbor town.

My wife wants to wait until we are ready to sell the house, and pay cash for the new house. I think prices will go up due to a lot of other people looking at the same things as the weather is going to crap in many areas.

So talking to a real estate person about giving a guy $300k cash and getting him to carry the rest for a few years until we sell the house, she said I need to be able to prove where I got it. I have cash I have been accruing for years that cannot really be used without facing scrutiny on where it came from. I've bought an F150 Platinum and a boat private party in the last year I paid cash for, no hassles...but a house is another story.

I'm going to liquidate a ton of things like gems and coins through Ebay over the next year or so and incorporate the cash into the bank in a steady manner so I have better access to it for real estate.

I feel like I'm having to money launder my own cash I've accrued over 15 years of wheeling and dealing buying things and selling them for more than I paid.

It is an interesting conundrum...my wife didn't have a clue how much I've had stashed, I've laughed thinking if I died she would have a heart attack at how much cash I have access to.
We are looking ahead four or five years at a retir... (show quote)


An even more interesting conundrum is when will you pay YOUR "fair share?"

Reply
Sep 18, 2021 18:10:12   #
woodguru
 
Smedley_buzk**l wrote:
An even more interesting conundrum is when will you pay YOUR "fair share?"


You obviously have no idea how much my wife's legitimate veterinary clinics make and pay taxes on...or what the quarterly payments she makes are. We have a squeaky clean tax accountant that I think could be a bit more loose on write offs, but my wife likes knowing we are 100% straight in an audit. Her books are in order with nothing hinky.

And you would have no way to know that my primary money maker is selling very high end audio cables, as in $3500 power cords and speaker cables as high as $10k. To make things easier for taxes we run credit card purchases, which is all of my sales through her credit card system. The only way to account for it on her books is to claim them as cash sales. That in reality means we do not get the benefits of claiming the costs of my materials used, so we are paying a full tax hit with no deductions as profits on the sales I run. There is nothing illegal about that or I wouldn't talk about it openly, but it does mean we pay a lot more taxes on my sales than we would if I did the more complicated separate tax entity. My sales are frosting on the cake so to speak so we are not tripping about paying 10% or so too much.

Nobody pays taxes on casually buying and selling things like tools or vehicles private party. I wouldn't begin to know how to make that a legitimate thing a person tried to track how much they were making as income.

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Sep 18, 2021 20:24:53   #
JFlorio Loc: Seminole Florida
 
Smedley_buzk**l wrote:
An even more interesting conundrum is when will you pay YOUR "fair share?"


I read the chicken liars comments to you and noticed he never mentioned what his fair share should be. Also checked with a real estate agent friend of mine; biggest in the Tampa area and guess what. You could have $300,000 in you savings account and pay for a house an the IRS wouldn’t blink an eye.

Reply
Sep 18, 2021 21:43:34   #
archie bunker Loc: Texas
 
woodguru wrote:
You obviously have no idea how much my wife's legitimate veterinary clinics make and pay taxes on...or what the quarterly payments she makes are. We have a squeaky clean tax accountant that I think could be a bit more loose on write offs, but my wife likes knowing we are 100% straight in an audit. Her books are in order with nothing hinky.

And you would have no way to know that my primary money maker is selling very high end audio cables, as in $3500 power cords and speaker cables as high as $10k. To make things easier for taxes we run credit card purchases, which is all of my sales through her credit card system. The only way to account for it on her books is to claim them as cash sales. That in reality means we do not get the benefits of claiming the costs of my materials used, so we are paying a full tax hit with no deductions as profits on the sales I run. There is nothing illegal about that or I wouldn't talk about it openly, but it does mean we pay a lot more taxes on my sales than we would if I did the more complicated separate tax entity. My sales are frosting on the cake so to speak so we are not tripping about paying 10% or so too much.

Nobody pays taxes on casually buying and selling things like tools or vehicles private party. I wouldn't begin to know how to make that a legitimate thing a person tried to track how much they were making as income.
You obviously have no idea how much my wife's legi... (show quote)


So, in other words, you don't do squat but hide under your wife's skirt, and feed her corn on the cob through a picket fence....

Reply
Sep 18, 2021 23:14:10   #
Tiptop789 Loc: State of Denial
 
woodguru wrote:
We are looking ahead four or five years at a retirement plan. I have been suggesting buying a house in Coos Bay because of the weather being much cooler and consistent, as well as the ocean and sea harbor town.

My wife wants to wait until we are ready to sell the house, and pay cash for the new house. I think prices will go up due to a lot of other people looking at the same things as the weather is going to crap in many areas.

So talking to a real estate person about giving a guy $300k cash and getting him to carry the rest for a few years until we sell the house, she said I need to be able to prove where I got it. I have cash I have been accruing for years that cannot really be used without facing scrutiny on where it came from. I've bought an F150 Platinum and a boat private party in the last year I paid cash for, no hassles...but a house is another story.

I'm going to liquidate a ton of things like gems and coins through Ebay over the next year or so and incorporate the cash into the bank in a steady manner so I have better access to it for real estate.

I feel like I'm having to money launder my own cash I've accrued over 15 years of wheeling and dealing buying things and selling them for more than I paid.

It is an interesting conundrum...my wife didn't have a clue how much I've had stashed, I've laughed thinking if I died she would have a heart attack at how much cash I have access to.
We are looking ahead four or five years at a retir... (show quote)


Selling things on eBay isn't like it was years ago. There far more record keeping. Depending on the column of sales, you have to collect & report state income taxes.

Reply
Sep 18, 2021 23:19:04   #
Tiptop789 Loc: State of Denial
 
JFlorio wrote:
I read the chicken liars comments to you and noticed he never mentioned what his fair share should be. Also checked with a real estate agent friend of mine; biggest in the Tampa area and guess what. You could have $300,000 in you savings account and pay for a house an the IRS wouldn’t blink an eye.


Jimbo, why the dagger comments? Did your real estate friend remind you that the seller has to report the sale to the IRS stating they are not a foreign national? Also how long they've been in the house so the correct taxes, if any can be collected? He could have $300k in the bank but will still probably have to prove it isn't borrowed.

Reply
 
 
Sep 18, 2021 23:33:01   #
JFlorio Loc: Seminole Florida
 
Tiptop789 wrote:
Jimbo, why the dagger comments? Did your real estate friend remind you that the seller has to report the sale to the IRS stating they are not a foreign national? Also how long they've been in the house so the correct taxes, if any can be collected? He could have $300k in the bank but will still probably have to prove it isn't borrowed.


B.S.. I've deposited that much in Savings before and never been audited. Not saying he won't be audited. No one knows with i***t Joe wanting to double the size of the IRS. His version of the Gestapo. The foreign national thing has nothing to do with the $300,000 question. You are confusing tax law and primary residence laws with his original statements. The dagger comments are because he's not in front of me and I have no dagger. He's a liar and admitted troll. No respect has he earned from me.

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Sep 19, 2021 14:40:00   #
woodguru
 
JFlorio wrote:
I read the chicken liars comments to you and noticed he never mentioned what his fair share should be. Also checked with a real estate agent friend of mine; biggest in the Tampa area and guess what. You could have $300,000 in you savings account and pay for a house an the IRS wouldn’t blink an eye.


You obviously didn't catch my point, which is that I have hundreds of thousands in cash, and it becomes an issue proving where you got it if you try to put it in the bank, every t***saction over $10k f**gging a potential t***saction inquiry. It can be tricky for cash accrued over 15 years that you might have a very tough time proving how you made it. Trying to shift hundreds of thousands into the bank can trigger suspicious activity f**gs

My wife has money in the bank that she has saved month by month from profits on her businesses as well as the sales I run through her accounts. That is no problem, and proceeds from the sale of our house are good...it's just using cash accrued over fifteen years

Always the examples (false equivalencies) that have nothing to do with what someone is talking about

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Sep 19, 2021 14:45:22   #
woodguru
 
archie bunker wrote:
So, in other words, you don't do squat but hide under your wife's skirt, and feed her corn on the cob through a picket fence....


You missed the part where I have said what I do...buying and selling tools, cars, gems, and coins, and art things, as well as high end stereo cables that I run the credit card t***sactions through my wife's business and claim as cash sales that are taxed.

I will guarantee you that I make far more money in stereo accessories that cost over $3500 a pop than postal workers make. I can also assure you that we pay more taxes than you do as well.

I hope you aren't referring to your wife, mine weighs 115 lbs

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Sep 19, 2021 14:48:12   #
woodguru
 
Tiptop789 wrote:
Selling things on eBay isn't like it was years ago. There far more record keeping. Depending on the column of sales, you have to collect & report state income taxes.


That's why I have tapered off of ebay sales...I pay $350 a month plus each ad for a dealer status on a high end audio sales site, and have a distributor status for several lines of cable components I use to make cables.

Reply
 
 
Sep 19, 2021 14:53:17   #
woodguru
 
Tiptop789 wrote:
Jimbo, why the dagger comments? Did your real estate friend remind you that the seller has to report the sale to the IRS stating they are not a foreign national? Also how long they've been in the house so the correct taxes, if any can be collected? He could have $300k in the bank but will still probably have to prove it isn't borrowed.


The dagger comments are the reaction to the enemy, most of them clearly are not tracking the situation as it exists...and the right freaks about big brother forcing people into bank and electronic t***sactions. It was a commentary that should be dear to their core beliefs, but they would rather be morons that miss the point entirely.

It's closer to $500k cash in a safe place. Not easily used to buy a house without explaining where it came from.

Reply
Sep 19, 2021 14:54:41   #
woodguru
 
JFlorio wrote:
B.S.. I've deposited that much in Savings before and never been audited. Not saying he won't be audited. No one knows with i***t Joe wanting to double the size of the IRS. His version of the Gestapo. The foreign national thing has nothing to do with the $300,000 question. You are confusing tax law and primary residence laws with his original statements. The dagger comments are because he's not in front of me and I have no dagger. He's a liar and admitted troll. No respect has he earned from me.


See, you have no ability to equate a situation and how it is different from your example.

Reply
Sep 19, 2021 15:15:12   #
Wonttakeitanymore
 
Smedley_buzk**l wrote:
An even more interesting conundrum is when will you pay YOUR "fair share?"


That’s funny!!

Reply
Sep 19, 2021 15:16:00   #
Wonttakeitanymore
 
woodguru wrote:
You obviously have no idea how much my wife's legitimate veterinary clinics make and pay taxes on...or what the quarterly payments she makes are. We have a squeaky clean tax accountant that I think could be a bit more loose on write offs, but my wife likes knowing we are 100% straight in an audit. Her books are in order with nothing hinky.

And you would have no way to know that my primary money maker is selling very high end audio cables, as in $3500 power cords and speaker cables as high as $10k. To make things easier for taxes we run credit card purchases, which is all of my sales through her credit card system. The only way to account for it on her books is to claim them as cash sales. That in reality means we do not get the benefits of claiming the costs of my materials used, so we are paying a full tax hit with no deductions as profits on the sales I run. There is nothing illegal about that or I wouldn't talk about it openly, but it does mean we pay a lot more taxes on my sales than we would if I did the more complicated separate tax entity. My sales are frosting on the cake so to speak so we are not tripping about paying 10% or so too much.

Nobody pays taxes on casually buying and selling things like tools or vehicles private party. I wouldn't begin to know how to make that a legitimate thing a person tried to track how much they were making as income.
You obviously have no idea how much my wife's legi... (show quote)

By law ur supposed to declare that stuff! No?

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