RE: For instance, when I pay my rent to the landlord, I go to his house and pay it - in cash - personally. Once a month, on the 15th.
Does the Landlord give you a receipt?
How does the IRS know how much the Landlord is getting in income from the place since the transaction is in cash?
Well, it’s in the Czech Republic, but yes, he does give me a receipt.
A lot of transactions here take place in cash; this is still very much a cash economy.
There are credit cards here, but most people use debit cards, and the bulk of those now are the ‘contactless’ variety. European debit cards have that little chip in them, and the tech’s been upgraded to where you can just touch it to the card terminal, enter your PIN and that’s that.
But whenever I go to the store, the majority (well over 60%) of people here still pay in cash.
“RE: For instance, when I pay my rent to the landlord, I go to his house and pay it - in cash - personally. Once a month, on the 15th.
Does the Landlord give you a receipt?
How does the IRS know how much the Landlord is getting in income from the place since the transaction is in cash?”
I think you either forgot to put a sarcasm tag on your post or you forgot why cash is good for keeping the IRS Gestapo out of your business. ;)
Did you notice the posters handle? Methinks his landlord doesn’t care what the IRS knows.