Paying cash for a house

TeaBagMania

L1011 wrote: »

This isn't the US so, no, they can't

I’d be willing to bet any government on the planet can seize a bank account in their own country, and the bank would agree or be branded money laundering criminal institution

hardCopy

armabelle wrote: »

yes sure I can't disagree but if you wanted to not save in a bank you would have a problem when it came time to buy something like a house. Sure if you had all your payslips then ok but not everybody has the same job, lives in the same place, or keeps all their payslips or paper for every cent they earn over 20 years.

Anybody who wants to lead a bankless existence will need to keep their own paper trails. You might get away with losing a few slips but you'd at least need to show some record of earnings in your past to satisfy Revenue if they audited you.

Even if you do use a bank it's your own responsibility to retain your own bank account statements and payslips. The banks charge a fortune (€3.50 per page last month for me) to reprint a statement if you lose it or fail to back-up an eStatement. Revenue could audit you any time and you would need the paper to show them.

L1011

TeaBagMania wrote: »

I’d be willing to bet any government on the planet can seize a bank account in their own country, and the bank would agree or be branded money laundering criminal institution

That isn't what you stated, though. You stated the bank did it.

Why do you set the the font size and type repeatedly on your posts? It doesn't affect the display and makes them extremely difficult to quote.

TeaBagMania

L1011 wrote: »

Won't get around it either. They won't be able to lodge the cash without questions being asked and they've now just made themselves an accessory to the crime.

I hope the seller would be smart enough to know not to lodge all the money at one time, live off cash and deposit small amounts throughout the year

L1011

TeaBagMania wrote: »

I hope the seller would be smart enough to know not to lodge all the money at one time, live off cash and deposit small amounts throughout the year

You'd be relying on the seller a: having a house they can sell for cash, b: not need to buy another one and c: be willing to hold on to huge amounts of cash and dribble it to banks or expenditure

Basically, you're not going to find a house that way.

You're also going to have to complete the transfer and pay stamp duty eventually - which will bring you to Revenues attention. Titles are registered here; you don't just buy deeds.

TeaBagMania

L1011 wrote: »

That isn't what you stated, though. You stated the bank did it.

Why do you set the the font size and type repeatedly on your posts? It doesn't affect the display and makes them extremely difficult to quote.

The bank did seize the account under government orders
I don’t know why my font is different maybe it’s my US browser not jiving with the Irish server

TeaBagMania

L1011 wrote: »

You'd be relying on the seller a: having a house they can sell for cash, b: not need to buy another one and c: be willing to hold on to huge amounts of cash and dribble it to banks or expenditure

Basically, you're not going to find a house that way.

You're also going to have to complete the transfer and pay stamp duty eventually - which will bring you to Revenues attention. Titles are registered here; you don't just buy deeds.

But it is possible, No?

Im sure there is someone out there willing to take the risk for a little extra $$$ on their house
When house is paid for owner can gift it to buyer, even if buyer has to pay market value tax, that’s fine. Is there a law stating one cannot give away their possessions?

intheclouds

TeaBagMania wrote: »

But it is possible, No?

Im sure there is someone out there willing to take the risk for a little extra $$$ on their house
When house is paid for owner can gift it to buyer, even if buyer has to pay market value tax, that’s fine. Is there a law stating one cannot give away their possessions?

You cant give away a house without someone having to pay tax on the gift.

L1011

TeaBagMania wrote: »

But it is possible, No?

Im sure there is someone out there willing to take the risk for a little extra $$$ on their house
When house is paid for owner can gift it to buyer, even if buyer has to pay market value tax, that’s fine. Is there a law stating one cannot give away their possessions?

Yes, capital acquisitions tax. Which is substantial between strangers and needs paying in clean money, ditto the stamp duty for transfer. Try avoid either and its full investigation time - again. And you've just paid extra over market value to begin with!

It won't work, no matter what loophole you try to think of.

intheclouds

L1011 wrote: »

Yes, capital acquisitions tax. Which is substantial between strangers and needs paying in clean money, ditto the stamp duty for transfer

It won't work, no matter what loophole you try to think of.

No - CAT is only for tax on profit made selling an asset that has appreciated.

Gift tax is for gifts.

L1011

intheclouds wrote: »

No - CAT is only for tax on profit made selling an asset that has appreciated.

Gift tax is for gifts.

No, that's CGT. Gift tax *is* CAT

mad m

Let's not forget up till a few years ago, you were only insured for up to 25k I think so anything after that if bank went tits up it was hard luck. Even if OP had their 300k in a single account they were only insured for up to 120k after the government guarantee.

L1011

mad m wrote: »

Let's not forget up till a few years ago, you were only insured for up to 25k I think so anything after that if bank went tits up it was hard luck. Even if OP had their 300k in a single account they were only insured for up to 120k after the government guarantee.

Use more than one bank. 25k is better than 0k in case of theft

armabelle

armabelle wrote: »

what if I take it into the bank in5 euro notes and coins.... then they can't deny me... I mean I kept it in jars all this time how my parents told me since I was a boy

The bank is a ‘‘designated person’’, so they will report suspicious transactions to An Garda Síochána and the Revenue Commissioners, your problem how to answer to An Garda Síochána and the Revenue Commissioners.

ED E

armabelle wrote: »

The day cash is restricted is the day this world is completely owned by banks and so are we all. I pray that day never comes.

Visit a nordic country, we're very close to cashless society. Even Africa is moving to pay by SMS vs using cash in several nations.

newacc2015

ED E wrote: »

Visit a nordic country, we're very close to cashless society. Even Africa is moving to pay by SMS vs using cash in several nations.

Although if you go to German speaking countries. Cash is very much king. Most places in Germany dont take visa (some use their version of laser called EC cards). The ECB are considering scrapping the €500 note due to fact that they often used by criminals. Austria are completely opposed to it, as it they believe you should be able to purchase things without the Government monitoring it. German speaking countries are obsessed with privacy laws and protection from state monitoring. I agree with them to a certain extent. You should have protection from mass surveillance by your Government. I know in Ireland, Revenue gets data from card companies on spending in Ireland.

Paulw

Mod Note: If you want to discuss currency, money, money laundering, money storage, cash transactions ...... etc etc etc .... the banking/finance forum is this way - http://www.boards.ie/vbulletin/forumdisplay.php?f=544