This explanation of why they wrote the law.
Why wouldnt the closing just be delayed until the check clears? Maybe I'm just thinking too simply? e.g. the paperwork is signed/check handed over 6/1 and actual closing happens 6/14.
NOTHING connected to the internet is secure or anonymous, there are just varying levels of difficulty for state actors
Because the title companies and attorneys follow the law?
www.forbes.com
No attorney. No title company. Checks written straight to the custom home builder. (Separate six-figure check at each stage of completion.) And no wire transfer for the land either; I just registered the transfer with the county and paid their small county transfer fee via credit card.
Custom builders can accept whatever they want. not subject to the law. You bought land and have no title insurance? (You can as long as you do not have a mortgage.) I hope you at least had an attorney search the title? You have to had a deed to register with the county that you were the owner? Was the land a family transfer? Just trying to figure out what you did. But it doesn’t sound like a typical transaction.
Just as long as you're not "that guy" writing a check in the grocery checkout line, I'm cool with it...No attorney. No title company. Checks written straight to the custom home builder. (Separate six-figure check at each stage of completion.) And no wire transfer for the land either; I just registered the transfer with the county and paid their small county transfer fee via credit card.
And regarding guns, I just wrote a personal check for a $12,500 gun, and the private seller had no problem with that either.
I've done either personal checks or cash for almost everything, and very rarely did any have a concern with it. If someone won't take a personal check, I pay cash (which can sometimes annoy people when it's > $10k, but oh well that was their decision to not take a check.)
Fair enough. Actually I use credit cards for everything I can (love that 2% cash back.) For large purchases, most places usually will not take credit cards. But I did get to buy a tractor on a credit card w/ no additional fee, so that was a nice "cash back"...Just as long as you're not "that guy" writing a check in the grocery checkout line, I'm cool with it...
if they know everything, then why do I have to file a tax return?
That is a very good question. They certainly immediately send a bill if you under pay or miss income. If they know, why don’t they just send a bill? Then you can send your deductions if you have any?
The tax preparation industry lobby actually perpetuates the byzantine tax code in order to preserve it's business model. Flat tax or national sales tax would be so much simpler, virtually foolproof, and more fair regardless of income but then millions of tax preparers and IRS auditors would be unemployed and I don't see much in the way of lateral career opportunities for either.
My post was purple, but the answer is the IRS has been specifically barred from sending you a "pre-filled in 1040". For most people they could just be signing and sending.
It doesn’t show purple on my screen. Hmm, wonder what other purple posts I miss?
Either that site you linked is going by old law, or they are simply wrong. You can pay by cash or personal check if the check is deposited in the escrow account at least 14 days prior to the closing. See (1) and (9)
See above for the current IC or the link below.
