A House and a Car...

[royamcr]

Yep, this isn't an illegal business as far as the IRS is concerned, they just want their share.

[Guest021115]

I have a few friends who sell houses that don't require verified income, but they are in Wichita, so that doesn't help you...but I am just saying it DOES happen. I thought I was going to purchase one last year, but just like what Lacrew mentioned...I hadn't thought of all the extra expenses involved if anything broke, plus the insurance costs, being tied to one place for a long time, etc. Within a month of living at my new home I had a major water leak that did thousands of dollars in damages and the central heat/air went out on me. I was extremely grateful that I had chosen to just rent and live in the house on a trial basis before I bought it so I didn't have to cover those repairs! Now I'm finding out just how bad the foundation is at this property...ooooh weeee, it's great to be a renter! LOL

[DestinyInKC]

ok thank you for the advice. I think I am just going to focus on the car for now and try to find a new house to rent later this year

[BigMikeinKC]

Indeed the IRS does not care how you earn as long as you pay taxes. You can register yourself as an independent consultant.

Financial institutions are required to report transactions of 10k and above. They are also required to report transaction of 5k and above, if they believe there may be fraudulent activity. By law they do not report anything at $4999 or below.

That being said as long as you are reporting your income that 10k marker does not trigger an audit or investigation by the IRS.