So, what're you asking? Yeah, I've gotten cash at closing. You refinance a house for 80% of LTV, that you only owe 70%, and you put the difference in your pocket.
so how did you explain the gain on your taxes, since cash at closing is technically illegal but I have never heard of anyone getting caught and it happens all the time.
Anyone know anyone that has ever got caught for recieving cash at closing? I would also like to know if anyone has ever got a DOS called on them.
So, what're you asking? Yeah, I've gotten cash at closing. You refinance a house for 80% of LTV, that you only owe 70%, and you put the difference in your pocket.
so how did you explain the gain on your taxes, since cash at closing is technically illegal but I have never heard of anyone getting caught and it happens all the time.
It's just more debt, so it's not taxed. Oh, and this was on a refinance, not an original acquisition.[ Edited by jam200 on Date 04/19/2004 ]