Best to you and family and remember to never take out 10k at once from bank as they tell IRS and then you have a problem and have to pay taxes on the 10k!! (9999.99 is ok not reported but 10000. is. I mean that is in one day)
Picked this up from rentalguys success story.
I am a bit concerned:
I took the six figure 16 year retro and deposited it into my bank in my name and left it there for 24 hours and then went back to the bank and the teller wrote a authorized check for the full amount in my husbands name.
This he took and paid off the mortgage.
Does this mean that now I will have to pay taxes on this money,
Question
Josephine
Best to you and family and remember to never take out 10k at once from bank as they tell IRS and then you have a problem and have to pay taxes on the 10k!! (9999.99 is ok not reported but 10000. is. I mean that is in one day)
Picked this up from rentalguys success story.
I am a bit concerned:
I took the six figure 16 year retro and deposited it into my bank in my name and left it there for 24 hours and then went back to the bank and the teller wrote a authorized check for the full amount in my husbands name.
This he took and paid off the mortgage.
Does this mean that now I will have to pay taxes on this money,
for the amt would be more than I have.
Thanks,
Betty
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