How to get the funds wired to you? #realestateinvestor

Name: How to get the funds wired to you? #realestateinvestor
Uploaded: 2024-03-09T19:11:30+00:00
Duration: 16 s
Channel: Tyson Smith
Description: In this brief segment, Tyson Smith explains the process by which a title company wires closing funds to a real‑estate investor. He describes how the…

9 Mar 2024 · 0 min

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In this brief segment, Tyson Smith explains the process by which a title company wires closing funds to a real‑estate investor. He describes how the title company contacts the seller or buyer, requests the recipient’s bank account and routing numbers, and informs them of the expected wire amount. He then addresses U.S. tax considerations, stating that any money earned or spent in America is subject to taxation, implying that profits from the transaction are taxable unless specific reinvestment strategies are employed.

How do you get the funds wired to you, and are you taxed on the profit, or do you reinvest it? The funds get wired to you from the title company. They reach out to you and they say, hey, what's your account number, your routing number, what's your wire information? We need to send you a wire. It looks like you're gonna get this much money. We live in America. Anytime you make or spend money, you get taxed.