Updated almost 4 years ago on . Most recent reply
Seller wants to avoid an audit!!!!!
Im in the process of getting a duplex under contract. The home owner and I agreed on a price of 25,000. But he says he wants his money in 3 separate checks (9k, 9k, 7k). He says he wants it this way, so he's not audited by the government. What does this mean and is it even possible? Thank you
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Banks are required to report deposits of 10K of greater. Doing deposits like this to avoid this is called structuring and is a felony. Im not sure if you could get an any legal trouble as the payer but I'd be very cautious.