House title under my name, but paid by someone else

[libtard]

Hi
If I buy a house and title is under my name only, but majority or all of the money used to pay for the house comes from someone else's checking account, and this someone else is completely unrelated to me whether by blood or marriage, will that raise any red flags in the irs systems? the checking account would be based in the us so there is no money coming from outside the country. there would be no mortgage involved, the house would be paid for in cash. and no I am not trying to avoid my responsibilities, I love funding wars, food stamps for illegals, free hotels, free health insurance.

 

[mraleph]

It would. And︁ not only with IRS but with any tax authority.

How are you effectively related to︂ those funds? Non taxed income? You'll perform a plethora of felonies 🙄

Why would you allow︃ transfer from third party and thus trigger the gifting rules tresholds at best or tax︄ evasion and money laundering as most probable scenario?

If the funds are not originating from︅ ilicit sources and aren't entitled to you somehow - even as non taxed income, why︆ don't you sign a low interest loan contract with third party?

 

[JohnnyDoe]

Actually US law allows a third party fulfilling an obligation.

Performance by a third party is perfectly acceptable under general contract principles.

Further, section 302 of the Restatement (Second) of Contracts provides that a third party may fulfill an obligation unless the contract explicitly or implicitly prohibits third-party performance.

The principle of subrogation can also be applied.

The payment could also fall under the principles of agency law.

You would just need to explain, if asked, why a third party paid on your behalf.

I've successfully closed deals this way multiple times without any issues or questions raised.

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[mraleph]

Whatever performance⁢ is executed by third party, the reason must exist and a principal - the OP︀ - must report it on its tax return.

 

[daniels27]

The issue has two sides: one is the purchase, which is completely bilateral with the‌ seller, the other one are tax implications etc., which are between the government and you‍ and between the government and the lender.

For the first part, you can basically do⁠ nothing and then just pay the seller directly. Most likely he won't complain. Otherwise, you⁤ run the money through an EMI where the payer is no longer visible of ACH⁣ payments. Then you tell them whatever they want.

For the second part, it is hard⁢ to answer without many details. But please check the law on gift taxes of both︀ your tax residencies. You don't want to fall in that trap. Better have loan agreement︁ in place.

 

[libtard]

Hi
I am not︂ familiar with the process of buying a house. if I was selling a house, I︃ wouldn't care where the money comes from. I just need my money. why would the︄ seller care who is paying?

the person who would be paying for the property is︅ willing to write a loan agreement. My question is mostly about whether a red flag︆ will be raised. if a red flag is raised, I will have an explanation (it's︇ a loan). that should keep me out of trouble, right?

but I prefer to blend︈ in and not get any attention to begin with. will I get any weird looks︉ from the irs if someone else is paying for a house that is titled under︊ my name?

 

[daniels27]

No red flags. If somebody asks, you show them the loan agreement.

 

[dany]

In some countries if you do that they will send back the money to sender⁣ and refuse the deal.

I once did it with a car I bought in Germany⁢ 2 years ago, bought car in person name but send money from company name, they︀ refused the transfer and send the money back!