Revenue querying source of cash used to purchase property

V

Vince

Registered User
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Hi Folks,

Someone said to me today that they had heard a story about Revenue contacting house buyers who purchased their property using only cash in order to ascertain where the cash was sourced from.
I had never heard of this and it sounds like a myth to me.

This person is considered bidding on a house and is considered of tax implications.

Is there any truth to this?

Cheers,
Vince
 
Since 1994, under anti-money laundering legislation, all large cash transactions are queried
 
Not really sure what the issue is here.

If the buyer has legitimate funds then they should have no concerns.
 
I wouldn't consider that anything unusual, Revenue queried where I got the balance of my house purchase funds back in 1991.
 
Q - This person is considered bidding on a house and is considered of tax implications.

If the person has the money from legitimate earnings which are taxed and prsi paid, they have nothing to worry about.
On the other hand if the cash is from black market earnings then I would be anxious about the revenue paying an interest in them.
The line 'I won it at the races' worked for some in the past...
 
I agree that it shouldn't be an issue unless the source of the money is dodgy is which case, the Revenue should be pursuing it.
We bought our house 10 years ago, and only needed a 25% mortgage and were asked
to account for the source of the rest. It was very easy, as we had bank statements and proof of sale of shares etc.
 
Yes ,
Revenue do question this and have been through this and not an issue once you can show that you have received this by legitimate means...ie worked and received salary abroad / sold property abroad.
 
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