Weird US Tax Question

[SeoProMatt]

Hey guys,

I have a weird question for people that file tax in the U.S.

I want to invest in property. I make about $100,000 with my day job and online work. Break Down is Approximately $80,000 from my day job and $20,000 from Affiliate marketing.

Because I have student loans, in order to get a duplex in the price range I want, I need to be making $120,000-$150,000/year.

What are the chances of me getting caught if I say I make MORE in affiliate marketing than I actually do? Instead of writing that I make $20,000 in affiliate marketing, I say I make $50,000 in Affiliate marketing.

Yes, I would pay more taxes but I would be able to qualify for a larger property.

I know most people try to lie and say the made less than they did but what if I say more?

I know the penalty, but what are my realistic chances of getting caught.

A few years ago I maid $11,000 from affiliate marketing and wrote I only make $4,000 and I got away with it. This time I want to do the opposite.

Any advice is welcome but to reiterate my question, What are my chances of getting caught if I say I make more than I actually did on my tax return? I don't mind paying the extra taxes as long as I can qualify for the duplex.

 

[submit]

I would guess low. They usually aren’t looking for overpayments. But if you are audited it could come up.
You would be paying about 8k to 10k to the IRS for no reason. Just find a stated income loan at a higher interest rate. Buy a lower priced property. Find seller financing. Do a joint venture to buy property. Lots of better solutions.

 

[wrathofend]

Do you know the amount where you don't need to file taxes of making X amount of money with the IRS? Whats the amount you have to make to file it or do you have to file it for any amount of money?

 

[submit]

Minimum to file depends....
https://www.hrblock.com/tax-center/income/other-income/how-much-do-you-have-to-make-to-file-taxes/

 

[AceWallGromit]

The biggest risk is being unable to pay for the property you buy that is outside the price range your income dictates.

 

[SeoProMatt]

I would guess low. They usually aren’t looking for overpayments. But if you are audited it could come up.
You would be paying about 8k to 10k to the IRS for no reason. Just find a stated income loan at a higher interest rate. Buy a lower priced property. Find seller financing. Do a joint venture to buy property. Lots of better solutions.

Thanks For the Advice!

Do you know the amount where you don't need to file taxes of making X amount of money with the IRS? Whats the amount you have to make to file it or do you have to file it for any amount of money?

In the U.S. if you make over $600 the whole year you need to file it on your tax return. For the first year or two you can write everything off as a tax deduction and not pay anything on it. Just be careful not to do it 3-4 years in a row or you will be flagged for being audited.

 

[submit]

@SeoProMatt is wrong above. See the link or search google, https://www.hrblock.com/tax-center/income/other-income/how-much-do-you-have-to-make-to-file-taxes/