2006-10-16 18:26:25 · 6 answers · asked by albanocontracting 1 in Business & Finance ➔ Small Business
The best way to payoff your mortgage fast is paying it on a bi-weekly basis. But the catch is that you need to notify your lender and set up the payments that way. "Uncle Sam" could care less on how you pay your mortgage or even if you pay it off. Just remember the faster you pay off your mortgage the less tax write off you will have.
2006-10-16 18:40:20 · answer #1 · answered by steve s 3 · 0⤊ 0⤋
You have to pay the mortgage off when selling your home. It will come out of your seller proceeds. Your house may be worth more than when you paid for it and yes you could possibly make $100,000 profit but realisically it may be down the road instead of at the present time. How long have you been in your house? I would suggest you wait to sell your home until you have at least 30% equity in so that if you were to sell your home to an investor, you could possibly receive cash back at the end of your transaction. Also if you are thinking about selling because you are afraid of foreclosure, ask your lender about refinancing or if you don't want the house anymore than ask about a short sale.
2016-05-22 08:14:06 · answer #2 · answered by ? 4 · 0⤊ 0⤋
The government only monitor cash transaction of 10,000 or more. You could make double payments each month to pay off quicker
2006-10-16 18:29:35 · answer #3 · answered by timex846 3 · 0⤊ 0⤋
Since you asked this question in public the IRS now knows for sure and is tracking you down this minute. The best way is to buy property outside the USA.
2006-10-16 18:29:24 · answer #4 · answered by Anonymous · 0⤊ 1⤋
$10,000 is the amount they start looking at. Plus, if you have large transfers in and out of your bank account, it raises a flag.
2006-10-16 18:35:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Why try and hide it?
2006-10-16 18:35:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋