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Recently my wife and I decided to invest in a second home. We have one already paid off,we want to use the first home as extra income. Since the first home is far away from my job we want to get something closer. My question is my bank account is not showing at the moment that we have enough for the down payment, is just the way we wanted to keep it. But we do have enough cash at hand for the first initial down payment. How can we deposit that money without getting into any problems. We were keeping it as kind of "under the mattress". Thank you any advice.
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You can take it to the bank and deposit it. As long as you do not have a pattern of large cash deposits (such as a drug dealer might have), then you have nothing to worry about. The bank will complete a form and send it to Big Brother who will make a note of it. Over time, if your income as filed does not cover your deposits as reported, then they'll look in to your finances more closely.
I make large deposits fairly regularly. I earn the money honestly and pay my taxes appropriately. I should never have more than a meeting to go to if they have questions. You should be similarly placed unless your money is illegally-gained or if you did not report it as income. If you play by the rules, then you won't be penalized. -
Thank you for the input. I will do what you mention.Comment
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