Geneva, IL asked in Tax Law for Illinois

Q: hello, i made 1mil in trading, but havent paid taxes yet I want to buy a house for 500 can i do that? because i dont wat

to wait. basically i want to know can i buy now, and then pay the 500k tax later. i am buying in cash no mortgage, i couldnt find any topics in my situation :) dont mind my typos this site only lets me use few words

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2 Lawyer Answers

A: If you have the money still just buy the house and submit an installment agreement. They'll lien it but until you plan to sell or refi it won't matter.

Bruce Alexander Minnick agrees with this answer

1 user found this answer helpful

A: There is no law requiring anyone to pay income taxes before buying a house. CAVEAT: The most common problem that vexes many newly-wealthy people is spending everything they earned (or won in a lotto)--and then being unable to pay the income tax--before the IRS knocks on the door.

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