what is the benefits of buy a house with gold some one say I don`t have to pay tax on home if I buy with gold?

Answer 1

I have met these people; they are thieves and crackpots. They will tell you not to use a ZIP code and to "Divest" yourself of the federal Government. They will say that the Fed Income Tax is voluntary and that you don't have to pay it. If you let them go on, they get into the 14th amendment and how it doesn't properly define a US citizen because the word "citizen" starts with a lower case letter instead of a capital letter. And they don't like to use US currency, either, so they put their funds into gold in a private bank.

I knew a guy at work who bragged about this crap; he didn't pay FED tax and was working on papers to declare his mortgage "void" (he wouldn't repay the principal, of course). Guess what? The FEDs garnished his wages to the tune of $500 per week (in 1998) on top of normal taxation. He quit and I never heard from him again.

If you stop paying FED tax, you get away with it for about three years. But they always find you eventually.

Also, you cannot complete a real estate sale without a HUD-1 and without paying taxes. Maybe some high-powered lawyer could find a way in a very specific situation, but it's rare.

Buy the house the right way. It's too big an investment to fool around with crackpots.

Answer 2

Regardless what form of currency you use for the purchase of a home, you will pay sales tax in states that have home sales tax, you'll pay real estate tax, and you'll pay school tax in areas that have school tax.

Think about it. If using gold somehow made the property a tax-free property, wouldn't EVERYONE do it? Also, as people bought their property with gold, the tax collections in the area would drop, so the tax rates for the non-gold (tax paying) properties would have to go up OR expenses like teacher's salaries would have to drop. Neither is fair.

Death and taxes. Can't escape either.

Answer 3

Did they also offer to sell you ocean front property in Nevada? The only way you are going to avoid paying the taxes is to be
First Nation and buy the house on the reserve. The home owner is probably not going to accept gold in payment anyway given all the middle people involved in converting it to something useful.

Answer 4

I doubt any builder or real estate agent would be willing to deal in terms of gold.

Its value fluctuates from day to day and sometimes even from hour to hour.

It is heavy and bulky and the builder/ agent or owner will have problems converting it into cash to pay subcontractors, liens, or other obligations.

Home sales, whether by owner, by builder or through an agent are legal contracts that aer submitted to local government. The taxes are billed annually by a county assessor, and are not contingent on how much was paid for the house, but rather how much the house is Worth...

Answer 5

This sounds like a scheme that the IRS put out of business, back in the late 70s or early 80s.

The one-ounce bullion coins produced by the US Mint are marked with a $50 value, and are legal US currency. They may be exchanged for goods and services, anywhere in the USA. However, one of these coins costs about $580 to purchase, today.

The way the scam worked was as follows:

Let's say a seller wanted to sell his house for $580,000. This translates into 1,000 ounces of gold. Since each of those gold coins was, according to the US Government, only worth $50, the seller would say, "If you pay me in gold, I'll sell you my house for $50,000." Then, because you had paid only $50,000 for the house, you would only pay taxes on $50,000 rather than on the $580,000 that you actually paid.

As I understand it, the IRS prosecuted the people who entered into these transactions as tax evaders, and the courts agreed. In my opinion, however, this "scam" isn't a scam, at all. It's a concrete demonstration of the extent to which the US Government has sucked the value out of its dollars, since 1971, when we went off the gold standard. Dollars are worth nothing, today, compared to what they were worth, then. In my opinion, it is the US Government which is perpetrating the fraud, rather than the people who wish to conduct their business transactions in gold.

Answer 6

Ummm, you have that much gold lying around?

You would still have to pay taxes if either you or the seller did any type of reporting of the transaction to the government.

Answer 7

Did some one say they would handle the gold for you? Sounds like a scam.

Answer 8

Definately, every village and town should be sterilised of chavs, not just merely sterilise them! Shoot the lot of them!

Answer 9

I would not listen to another word that person is telling you. Some give good advice, others bad.....whoever told you that gives bad advice.

Answer 10

Dream on sweet Prince...