I've been dancing for almost 4 years now and been pretty good at saving money. I have been depositing the cash I make, but I never deposited it all because I didn't want to pay a ridiculous amount of taxes. So I have a lot in the bank, but also have a ton not in the bank in safes and safety deposit box and what not.
I feel unsafe having so much not in the bank so I was thinking since I was ready to buy a house just putting it as a down payment or even in full to pay for house, but I was wondering if this cash payment would automatically get reported to the IRS. And if so in which cases would it or would it not get reported? I was thinking maybe buying directly from owner it might not, but I'm also scared of getting robbed. As in someone taking my cash for house then not actually getting it and not being able to report this. Any advice to avoid this as well?
Also in the near future I was looking at real estate as an exit plan to transition out of dancing. As in buying homes or apartments and renting them out. I would also prefer to do this in cash to avoid taxes. Some lawyer I met told me I could establish a real estate company and say I got the money to buy the houses from investors to avoid paying taxes on it. Is this true?
I'm trying to be very careful to avoid taxes and also avoid getting robbed. I do still deposit cash and pay my taxes on what I deposit by the way this is just for what I haven't deposited.
Does anyone have any knowledge or advice on this situation?
Thanks



Reply With Quote


Bookmarks