Selling a car for cash?

[Davefinan]

Okay, let's be honest. If the OP sold one car. He should have nothing to worry about. I'm sure if you sold one car that you bought for 10k then sold for 20k. Unless you did that in a short time, I'm sure you could justify that maintenance, and upgrades you barely broke even or even lost money. The chances of you getting audited off one sale is almost nothing. I would say just deposit the money and don't worry about it

I was pretty much thinking that same thing. I doubt selling one or two cars for a decent profit is going to warrant an audit from the irs. Let’s hear from the folks who this happened to if any.

 

[71RRHI]

The OP has not chimed in since post #1.

 

[Richard Cranium]

Anything cash10K and over requires you sign a IRS disclosure form. So I make my deposits or withdrawals usually in 9K or random amounts infrequently. Otherwise the safe has my cash. I have been to Colorado, Texas, New York, Minnesota, New Hampshire, California, Tennessee, Kentucky and several other states to purchase cars in cash. Accidents can happen anywhere, but when traveling with cash, I'm the safest driver on the road, and the cash has been well hidden. I ask the sellers for Bill of Sales for anywhere from $100 to $500 dollars and other considerations. No one knows what other considerations could be. If asked make something up. Keeping good amount of cash on hand is good for when great deals come around.

 

[Richard Cranium]

The OP has not chimed in since post #1.

Not unusual at all. As is typical of him, he starts a thread and then walks away, only to start another thread, and another, and another. We're all still waiting to hear about his lawnmower saga from months ago.

No offense to him, just an observation.

 

[1STMP]

No, a duffel bag.

B Bodies are known for their spacious,
roomy trunks....

 

[Richard Cranium]

B Bodies are known for their spacious,
roomy trunks....

Whereas E-bodies have their glove box located where the trunk is.

 

[68BabyBlue]

No, a duffel bag.

A briefcase can only hold about $1M in US currency. I’ve heard urban legends about offers made with bags of cash at Carlisle. It would take a grocery bag these days.

 

[68BabyBlue]

That's not a terrible problem to have.

Agree, but they paid a bucket of estate tax that a trust could have avoided. Yes I know, what a shame.

 

[Scott Engelhardt]

I have bought ans sold lots of vehicles and the cash all goes in a gun safe. There are more vehicles to buy and I have quite a few motorcycles that I need to sell. I will only accept cash.

 

[Richard Cranium]

Agree, but they paid a bucket of estate tax that a trust could have avoided. Yes I know, what a shame.

The problem was they were stupid and reported the cash.

 

[Richard Cranium]

It sounds odd, but a lot of young people today (under 40) view cash as inconvenient and pay for most, if not all of their purchases with a credit card.

 

[69conv]

It sounds odd, but a lot of young people today (under 40) view cash as inconvenient

They feel they are being modern with tap to pay. Playing right into big brothers hands. My grandson who is majoring in cyber security was scammed by a fake credit card reader at a national gas station. Cash and gold still work. According to Wharton an entity can refuse to accept legal tender to satisfy a debt ie; Kentucky fried chicken can refuse to accept any bill larger than $50. But is so refusing, the debt is voided.

 

[Cranky]

Last time I got one, it was for only $25 or $30, and my post office couldn’t cash it. I then deposited it at the bank no problem.

My bank wanted nothing to do with it!! The PO not carrying much cash didn't surprise me but my bank did surprise me when they said no. They wouldn't even take it in deposit. This happened about 2 years ago.

 

[Cranky]

It sounds odd, but a lot of young people today (under 40) view cash as inconvenient and pay for most, if not all of their purchases with a credit card.

Or a debit card.

 

[Cranky]

I’ve never had a problem collecting and spending cash in any amount. However, I do know of people who are paranoid about having cash; my dopey brother-in-law for instance. He sold something years ago and he was paid with seven 100 dollar bills. He called up my wife and told her how scared he was to carry that kind of money on his person.

Doesn't bother me but Mr. Smith and Wesson are always by my side if I ever need some help.....

 

[69conv]

Its easier to get out of jail than a graveyard.

 

[toolmanmike]

I worked with a guy that did not like banks. He cashed his paychecks, and put his $$$ in capped iron pipes, which he buried on his property. Whenever he needed to make a "withdrawal" he brought out his metal detector.

 

[Dave6T4]

I sold my '64 Polara 500 convertible a few years ago to a gentleman from Pennsylvania for pretty sizeable money. I deposited his certified cheque with my credit union, where I bank. No muss, no fuss! I never got taxed on it.