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Im buying condo with cash but does IRS going to do something?

Im buying condo under 120k with full cash no loan.. But if i buy condo with cash does IRS going to investigate where the my money came from? And do you need to show your pay checks & tax return information to escrow officer when you pay closing fee. Question 1: you only need to show your paychecks when you get loan right? Question 2: they are not going to check your credit right? ( no loan ) Question 3: does IRS going to investigate my money? Question 4: i worked since when i was 16 and i save save save and now im 25 years old and still live in parents house and i never paid rent or utilities thats why i saved the money about 80k and my parents are going to help me about 40k .. But about 20k i was worked under the table(paid cash) but they are in my bank account now.. Is that still ok? Please help me i want to move out and i wanna try to live myself since. Im adult now :)
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November 25 2013 - Dupont
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Answers (2)

You should probably get a real estate or tax attorney to help you with the transaction.

They can help protect your assets and structure the ownership for your benefit.

No, they do not pull your credit when you pay cash and no you do not have to provide proof of income to escrow.

Yes the IRS will investigate a large purchase as it could indicate criminal activity, (tax evasion, money laundering, etc).

The sisters are right, get a loan a CPA and a tax attorney. 
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November 26 2013
We can not give you legal or IRS advice.  It is best that you consult with a tax attorney or CPA.  Any transfer of funds in excess of 10K is reported to IRS and the Feds.  Because of anti-terrorism initiatives these transactions are investigated.

You would be better off getting a mortgage.  Paying it off in cash in smaller amounts under 10K will not trigger the sniffing radar.  The small amount of interest you would pay offets the amount of aggravation you will go through proving where your funds came from.

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November 25 2013
 
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