perhaps things have changed but in '03 i bought a new toyota matrix from a dealership in vegas and wrote out a check for 17 thou and change and had no probs or paperwork to deal with. but a year later i was audited by the irs and they found i owed 1800 in back taxes...not sure if it's related to buying the car but i did negotiate the total down to 900 and change.
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Buying a car with cash
- Thread starter T-type
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T
Tr33
@ $3500.00 all cash transactions are reported to the IRS, not @ $10,000
you can't carry more than 2500.00 on the airplanes or the metal detector goes off.
you can't buy MO for more than 3500 or they must get reported.
Everything changed in 2009 for cash reporting
you can't carry more than 2500.00 on the airplanes or the metal detector goes off.
you can't buy MO for more than 3500 or they must get reported.
Everything changed in 2009 for cash reporting
herewegoboys
Member
Anybody have links to their claims? Obviously many different reputable members are saying many different things.
http://www.irs.gov/businesses/small/article/0,,id=148821,00.html
Here's the 10K standard. I'm not seeing anything about 3500...
http://www.irs.gov/businesses/small/article/0,,id=148821,00.html
Here's the 10K standard. I'm not seeing anything about 3500...
I went and purchased two brand new atv's with an $1,800 all purpose trailer that you can use for the atv's or snowmobiles and the grand total was just over $18,000 - $7,400 each for the avt's + trailer & taxes and when the sales rep asked me how much I was putting down and if I had a trade In I said no this will be paid in cash and believe me he had no problems taking the money.
When I registered them I never ever was asked about how they were paid for so unless you live in a ghetto and have a Jag sitting in front of your krib then you might have leo who knows the snitches, bitches and players in your hood and start guessing who would be able to pay for a ride like that in a poor ghetto and start watching your krib, so their you have it ese`
I own an escalade which isn't anything to brag about but myself I lay low less worries and no reason to display my business or buy 50 lbs. gold chains to represent as the smartest player who can survive the longest like a sniper unseen & unheard lives to enjoy another day free....
When I registered them I never ever was asked about how they were paid for so unless you live in a ghetto and have a Jag sitting in front of your krib then you might have leo who knows the snitches, bitches and players in your hood and start guessing who would be able to pay for a ride like that in a poor ghetto and start watching your krib, so their you have it ese`
I own an escalade which isn't anything to brag about but myself I lay low less worries and no reason to display my business or buy 50 lbs. gold chains to represent as the smartest player who can survive the longest like a sniper unseen & unheard lives to enjoy another day free....
i think the over 3,500 figure is reported to the irs only if suspicion is raised.over 10,000 its automatic.
buying a new car with all cash and no reported income would not be good.
they busted a bunch of local car dealers structuring car deals to get around the 10,000 limit.
id buy a nice two year old car,pay cash.get the seller to give you a receipt,saying you only paid 9,000.this might not work on a 70,000 dollar bmw.
buying a new car with all cash and no reported income would not be good.
they busted a bunch of local car dealers structuring car deals to get around the 10,000 limit.
id buy a nice two year old car,pay cash.get the seller to give you a receipt,saying you only paid 9,000.this might not work on a 70,000 dollar bmw.
herewegoboys
Member
I buy all my vehicles through an auto auction. I never buy new it’s a suckers game.
The only car brand I know of worthy of buying new is a Honda. Their resale value is the highest of all brands and I don’t give a shit if it’s a fucking BMW or Lexus the residual on a Honda Civic will blow all them away plain and simple. They don’t do rentals or fleet cars and they sell to the average Joe so the residual value makes them the absolutely only car worth buying new and I still don’t. You see that new ford commercial where they say the new ford fusions resale will be higher than a Toyota?? They didn’t mention Honda and no I don’t own a Honda never have because again they don’t do fleet or rentals and that what’s at the auction.
My friend holds a dealers license just so he can bring folks to the auction. In my state you have to have a piece of property dedicated to your business to get a dealers license so he worked out a deal with a friend on some property. Now he has been doing this for over 20 years (yes i am old) and he has seen it all. Guys use to bring him shoeboxes full of cash. He said it was impossible to turn it down until he ended up getting burnt/busted (fined). You cant buy cars with cash if its over 10K don’t kid yourself.
Sure you might get lucky but why in the hell would a guy with mysterious cash be taking chances like that. If you want to be COOL go ahead and stomp into the dealer with a briefcase full of cash. It’s your life but would that be the smartest way to handle it?????
Just go private party it’s a no brainer.
The only car brand I know of worthy of buying new is a Honda. Their resale value is the highest of all brands and I don’t give a shit if it’s a fucking BMW or Lexus the residual on a Honda Civic will blow all them away plain and simple. They don’t do rentals or fleet cars and they sell to the average Joe so the residual value makes them the absolutely only car worth buying new and I still don’t. You see that new ford commercial where they say the new ford fusions resale will be higher than a Toyota?? They didn’t mention Honda and no I don’t own a Honda never have because again they don’t do fleet or rentals and that what’s at the auction.
My friend holds a dealers license just so he can bring folks to the auction. In my state you have to have a piece of property dedicated to your business to get a dealers license so he worked out a deal with a friend on some property. Now he has been doing this for over 20 years (yes i am old) and he has seen it all. Guys use to bring him shoeboxes full of cash. He said it was impossible to turn it down until he ended up getting burnt/busted (fined). You cant buy cars with cash if its over 10K don’t kid yourself.
Sure you might get lucky but why in the hell would a guy with mysterious cash be taking chances like that. If you want to be COOL go ahead and stomp into the dealer with a briefcase full of cash. It’s your life but would that be the smartest way to handle it?????
Just go private party it’s a no brainer.
After reading hamstring's post
After reading hamstring's post
After reading hamstring's post, remembered just a few years ago when my father-in-law sold a portion of his real property for $160,000 in a briefcase.
It happens. I buy for cash$
After reading hamstring's post
After reading hamstring's post, remembered just a few years ago when my father-in-law sold a portion of his real property for $160,000 in a briefcase.
It happens. I buy for cash$
Over $10K is REPORTED.
By the bank you're doing biz with,IF you are financing at ALL.
A cashier's check over $9K will likely be reported to the IRS as well.
($10K is just a ceiling!)
The best thing to do is pay for the car,in 100s at the time of sale,for less than $10K.
Get your title app and receipt and drive away.
Because of "Bags o' Cash-for-Lambos 'n Porsches" in Miami in the 80s,the US government instituted laws stating that car dealerships having to report cash transactions over $10K.
Cheers!
By the bank you're doing biz with,IF you are financing at ALL.
A cashier's check over $9K will likely be reported to the IRS as well.
($10K is just a ceiling!)
The best thing to do is pay for the car,in 100s at the time of sale,for less than $10K.
Get your title app and receipt and drive away.
Because of "Bags o' Cash-for-Lambos 'n Porsches" in Miami in the 80s,the US government instituted laws stating that car dealerships having to report cash transactions over $10K.
Cheers!
Also if you try and hide large cash amounts in safe deposit boxes and the bank finds out and reports you which this has happend to me were the bank asked me not to keep my money in my safe deposit box because you can get screwed for tax evasion if it's over a certain amount which for me this was more then 5 years ago and rules change, banks policies etc
krustytheclown
Member
^^ What he said. Financial institutions can submit a Suspicious Activity Report on anyone about any activity. But, they must definitely report on any $10k+ transactions.
Also remember that LEO is looking for people with cash in several denominations. To them, that is a red flag you're a dealer or pimp or something. Even if you're not, they'll still take your cash and good luck getting it back. To reiterate what RezDog said, when you pay for something, do it with crisp $100 bills. No wadded-up $20's and $5's. That screams "Drug Dealer!"
wet your 100$ BILLS THEN IRON THEM. MONEY BANDS CAN BE BOUGHT ONLINE.lol
P
powerrobbie
I am curious about how you got caught hiding money in a safety deposit box? I kept a little bit of bud money in my box a few seasons ago. It stated in the agreement that it was not allowed but the bank could not have access to my box without my key..even if they do have their own set this would be illegal. I would visit my box very frequently and it never got suspicious... they would take me to the vault I would hand them my key and they wold have another key, they would unlock it and they would pull out my box and they would take me to a private room which I locked behind me.I'd do whatever I had to do and bring the box back to them, hand them my key again and watch them lock it back in...they could never see whats in the box...
So what if you buy a car from a private seller for 15k cash and the guy goes to the bank and tries to desposit the money? will they ask ?s ect?
How does one go about finding one in their city?
herewegoboys
Member
I'm confused.
You go to the DMV and pay your tax, title, and blah. You tell them it costs 8 grand. DMV runs the numbers with your name attached and you get your car titled and taxed appropriately.
You're telling me, in 2011, the DMV's database does not correlate with other federal tax-related databases that can cross reference your purchases and see income/purchase irregularities?
I seriously doubt this.
I always thought that when you're in the game, anything on the record cannot be payed for by money earned, err, "on the side," unless you wanted to get seriously crafty and get more people involved in your shit via laundering and/or property in another's name. This includes:
lump sum payments on a mortgage
student loan lump sum payments
anything requiring registration- cars, boats, etc
I was capable of paying off my student loans and mortgage with side money but bit the bullet because I had no way of covering the tracks without raising flags.
Was I wrong in assuming this? Excuse my potentially embarrassing admissions, but there is no handbook on this sort of thing, hehe.
You go to the DMV and pay your tax, title, and blah. You tell them it costs 8 grand. DMV runs the numbers with your name attached and you get your car titled and taxed appropriately.
You're telling me, in 2011, the DMV's database does not correlate with other federal tax-related databases that can cross reference your purchases and see income/purchase irregularities?
I seriously doubt this.
I always thought that when you're in the game, anything on the record cannot be payed for by money earned, err, "on the side," unless you wanted to get seriously crafty and get more people involved in your shit via laundering and/or property in another's name. This includes:
lump sum payments on a mortgage
student loan lump sum payments
anything requiring registration- cars, boats, etc
I was capable of paying off my student loans and mortgage with side money but bit the bullet because I had no way of covering the tracks without raising flags.
Was I wrong in assuming this? Excuse my potentially embarrassing admissions, but there is no handbook on this sort of thing, hehe.
I wish I could help you but i'm in the same boat as you. It's very hard to try and initiate such discussions on this website because of the stigma attached.
herewegoboys
Member
Well I'm trying to do some homework at least. Turns out my suspicion is probably true in my first area of quick investigation. If you think you can just buy in cash from a private owner for less than 10K and register your vehicle like nothing happened you're wrong.
[if under investigation, and we all know virtually anything can trigger that]...
"The IRS will check DMV records for vehicles you may own. In addition, they will review other documents and accounts you have."
From an affiliated site. Sorry I lost the linky when my browser crashed.
If you want to buy cars from private owners, I guess you'll have to find a guy shady/desperate enough to break federal and state law by mutually agreeing to lie to the DMV and say you bought the car for 500 dollars. I guess you'll also have to hope like hell the people at the DMV and IRS who are investigating you don't know dick about cars.
This information already directly contradicts multiple posts in this thread made by veteran members.
Sincerely humble request going forward in this interesting thread: If you don't know what you're talking about, with all due respect, please don't open your mouth.
welcome to icmag, where everybody has something to say, but very few know what they're talking about
herewegoboys
Member
Here's a question: would it be wise for a grower in a non-legal state to file as a poker player?
My buddy makes six figures playing mostly online. He registers all his winnings honestly with the IRS. He's even been given a mortgage loan from a major bank based solely on poker winnings as income for 4 years.
Two schools of thought running through my head:
A) Dumb idea. You are automatically suspicious and will increase the likelihood of an investigation from multiple agencies in the federal government.
B) Good idea. This way you don't have to play any games. You can buy vehicles and houses and everything in life with cash confidently and honestly.
My buddy makes six figures playing mostly online. He registers all his winnings honestly with the IRS. He's even been given a mortgage loan from a major bank based solely on poker winnings as income for 4 years.
Two schools of thought running through my head:
A) Dumb idea. You are automatically suspicious and will increase the likelihood of an investigation from multiple agencies in the federal government.
B) Good idea. This way you don't have to play any games. You can buy vehicles and houses and everything in life with cash confidently and honestly.
