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For a $40k issue, I would pay an attorney a few hundred dollars to draft the note/deed and record it. It's not complicated, but must be done correctly and according to the law of your jurisdiction. Let a professional do it. If your mother can afford to lend $40k, she can afford to secure it.

Friend must sign a notarized Note for $40k @ 8percent payable in full in one year, and it should be recorded against the property. This is a very inexpensive procedure and well worth the cost.

Wise words from Mr. Larimore.

Canadian GTU?

Career advice: See a therapist, do not pass go, do not collect $200.

This is serious career and life advice before proceeding with anything.

Unless you're BS'ing everyone, it would sure seem to be of benefit to you.
(Actually, even if you've been BS'ing.)

Good luck. It's been....interesting.

Go back and skim rec7 past posts. You will find many are interested in tax avoidance, and/or income non-disclosure. I especially like this one by rec7: 'If you do a 1035 exchange do you need to file a tax return? by rec7 » Thu Feb 14, 2013 3:57 pm I will have no other income.' The OP is insulting ev...

"If a person is 65 years old and has 16k income from Social Security how much can they have in Vanguard Target Retirement 2015 Fund (VTXVX) before they would pay taxes? This is all taxable money. Social Security is there only income." June 14, 2013 Hmm, do you still have this question, rec...

Yes, exactly, neurospere,
this this type of 'income shelter' question is much more in line with common attempts to unlawfully avoid compliance with child/spousal support orders.

Surprised this thread is still going this morning....

Me thinks we've been conned by a 'shifty' novitiate

Happy 4th! Privileged are we, indeed.

With all due respect to the moderators, I cannot see this question as being anything other than a religious question; that is between the party and his commitment to his 'calling',
or as a question of less than forthcoming tax reporting.

By the way, Browser, our loved one had the same 'customs' agent calls for months. They hounded her in tandem, including wanting her to go to the airport to claim her money! They usually set up scam 'lawyers' too to act in concert with them and try to give an air of credibility. The 'winner' has to c...

In our case, we ultimately forwarded her incoming calls to us. She can still call out on land line, and has a cell phone too. All friends and family now call her cell. Changing number doesn't really help. DNC lists don't help....the scammers don't care. Many are from out of the country. A slew in ou...