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| As an additional business, we have a few rental properties and buy under valued houses or repos and fix up to sell or rent. We've recently come across an issue - had a local guy (called himself a contractor) lined up to do some work. After numerous messages to let him know the materials were in and ready to start work, he calls back and reneges on the job. He now says he wants paid cash and did not renew his insurance. I made it clear I was hiring him expecting insurance and to give him a 1099 for taxes. It's easy to say, "find another contractor", but the point is, this is such a common practice were people think it's ok to avoid paying taxes it's just getting old!! What makes it even worse is the so called "union" boys that want to work "on the side for cash"!!! When we sell these houses we don't ask the buyer to pay us with part cash so we can commit fraud by not claiming income!!!
Just a rant I thought I'd share - have a good weekend!
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"Paying cash" is really starting to bother me!
