Cash Sale Advice

[vette2viper]

It doesn't have to do with deposits it withdrawals,and its just a form for the bank.

toofast...disagree totally. on any deposit OR withdrawal the procedure is the same...an IRS form must be filled out. Believe me, I just did six of them. If monies are transferred by bank wire, etc., there is NO paperwork.

Also, that is not only banks...go down to Lambo dealer and hand him more than $10,000 and boom...IRS form must be filled out. It is NO BIG DEAL.

 

[sbkim]

Can you do multiple under $10,000 deposits, spread over few days to avoid filling out the form???

 

[vette2viper]

YES...do $9,000 as many times that day as you want...LOL. They will laugh at you, but you can laugh too. Afterall, this is a fun deal and my banker has told me many funny stories about people avoiding the stigma with the $10k amount. Good luck...

 

[418viper]

You realize this guy is going to show up with a suitcase full of tens and twenties. You are going to need a big table to count the stacks, or better yet, meet him at your bank as they have a counting machine that will make short work of it. Get a copy of his Drivers license.

 

[twinturbo3150]

I disagree also, when I bought my ducati 916, I went to the bank and withdrew 16,000 in cash. Went to the ducati dealership and bought my 916. Dealership was more than happy to take my cash. .02

THATS YOU DEALING WITH A DEALERSHIP..NOT A PRIVATE SALE..APPLES AND ORANGES

OK I HEARD YOU.

Sorry Twin didnt mean to shout...lol

its all good adam

 

[vette2viper]

Just bring a friend or two and counting should take no time at all. Now...try counting $20 million...yes, the counting machine is the only way to go.

 

[Z06reformed]

As it was said before,less than $9,999 deposited at one time you are good to go.You can buy a counterfeit pen at the local office supply store just for insurance.If you can show that the car was transferred, that is proof enough if you ever did get questioned.And jsut spend the cash on your next toy!Peoples eyes roll around in their head when they see cash and forget what they are asking for their cars,then you get a good deal.
And like the guys said before,a little "mama dont know" money in ones is always good for a night out.

 

[IEATVETS]

When my business partner and I take disbursements from our business a couple times a month, we always disburse $9k to ourselves for this very reason. The IRS can be a-holes at times.

 

[DodgeViper01]

I am pretty sure that you will not get taxed on the sale of a primary vehicle, at least in NJ, no matter if it is cash, check, or Money order. You just have to declare in on your tax form. Now if it is a business vehicle that you are depreciating every year, then that is a different story. You are just limited to how often this can be done. Don't quote me, but I am almost positive that this is true.

 

[Big Medicine]

Bull$hit.

Purchase price less sale price is a net loss. You don't report it on your income taxes. They won't let you b/c it would reduce your tax liability.

Income tax is voluntary anyway; if you don't beleive me read CFR Title 26

 

[Bobpantax]

Someone asked: "Can you do multiple under $10,000 deposits, spread over a few days to avoid filing the form???" THE ANSWER IS ABSOLUTELY NOT!!!
Structuring the deposits to avoid filing the currency report is a felony under Title 31 of the United States Code. It is a general intent felony. In other words, you do not even have to know that doing so is a crime, just doing so completes the crime. This rule applies to structuring to avoid the Form 8300 or to avoid the FinCen Form 104, which used to be called the Form 4789, - the one the bank fills out. Be careful out there! Some of the posts went so far as to advise that the behavior was lawful. IT IS NOT LAWFUL!!

 

[Big Medicine]

Hmmmmm.

Why does the IRS have so many compelled performance laws? Heck, even the police are not compelled to protect you during a crime. Most crimes based on common law require an unlawful action and an injured party. Notice I did not say "inaction"; that is what "not filing" some paperwork is.

Like a bureaucrat who doesn't get out much, personal disaster follows such ignorance. It may very well be the law, and I understand that. But when bureaucrats have difficulty separating paper from reality, bad things can happen to innocent people. The spirit of the law is not served.

And that is not right.

 

[sbkim]

Oh geez - look what I started... Ok, the cash deal is off with Sonny and Crocket so you guys can play nice now