selling a car

[Richard Cranium]

I've sold cars with bank transfers & had no one ask questions. Most were at a loss, so I wasn't concerned. I've also sold a couple for cash & I just used one of those funny money yellow markers to check the bills.

 

[chargervert]

cash, grass, or ***... oh wait sorry... wrong thought pattern. Certified Bank Check for absolute clarity and assurance... however, as stated above, comes with tax responsibility. Cash if you want to keep everything under the table.

35k worth of fine female azz would sure put a smile on my face that couldn't be wiped off my face with a 10 pound sledge hammer!

 

[chargervert]

I've sold cars with bank transfers & had no one ask questions. Most were at a loss, so I wasn't concerned. I've also sold a couple for cash & I just used one of those funny money yellow markers to check the bills.

You have an uncanny knack for just missing the market RC, But I feel your pain,I have been there myself too!

 

[Hey-O]

When I bought my coronet he said he wanted cash. The bank gave me the money in bundles of one thousand with the paper rappers on them. Freshly counted from the main bank and all bills checked.

 

[GetX'd]

I just sold my GTX a few months ago. I insisted on a cashiers check and waited for it to clear and transfer before I shipped the car. The wildcard in my transaction was that I knew the buyer very very well. Like all my life well. But I still wanted a little bit of piece of mind when selling a car that I’ve owned for that long. I have a friend that’s very advanced in the banking industry that told me there are just flat out too many transactions over 10k for them to actually do anything about it so the likelihood of the IRS issue hopefully won’t be an issue. I’m praying for that to come and go. Especially since I sold the car at a loss.

 

[Big Bad Dad]

This is something I have questioned in the past. A few years ago, I was having a hard time, and considered selling my car. I have owned it since 1977 when it was a $600 used car. And with all my receipts,which I have saved since then, I actually have only spent about 4K in cash on my car. (Not including all of my own work.) If I were to sell it, I believe it would realistically bring high 20s or low 30s K. But, I am not in the car restoration business, this is just a personal car that has drastically increased in market value over 40+ years...I don't know what the tax ramifications would be.

 

[hunt2elk]

This is something I have questioned in the past. A few years ago, I was having a hard time, and considered selling my car. I have owned it since 1977 when it was a $600 used car. And with all my receipts,which I have saved since then, I actually have only spent about 4K in cash on my car. (Not including all of my own work.) If I were to sell it, I believe it would realistically bring high 20s or low 30s K. But, I am not in the car restoration business, this is just a personal car that has drastically increased in market value over 40+ years...I don't know what the tax ramifications would be.

After deducting the receipts you have for the car and the purchase price, you would owe income tax on the profit. Like stated above, the IRS won't give any credit for your labor. I got lucky and got to go through through an audit a couple of years ago. They found one old car transaction during their audit period and unfortunately I didn't have any receipts for what I stuck into the car. So I got to pay tax and penalties on the difference.

 

[Andew Sury]

I have found it easier to just never sell anything. Just build more buildings. And only ever claim what you want to claim. See sig....

 

[Sixpactogo]

When I sold my 70 Challenger back in 2012, it was bought by a guy in Australia. I asked my credit union how to make the transaction. They told me to have the money wired to a temporary account and then transfer it to a existing account. Not sure if it was the best way but it worked well for me. Probably because the guy was not a scammer. When you are dealing with a scammer, all bets are off IMO. As of yet, no one has ever questioned the transaction but I have a ton of receipts if they ever do.

 

[Richard Cranium]

I recently took out a home equity loan with a bank to build my new house & garage. The lending bank issues me a checkbook & when I need dough, I simply write out the amount I want to spend and deposit into my bank account (different bank). I've recently deposited several large amounts of money into my checking account and then write out checks as the bills come in. Of course everything is legit, but will the government come after me and grill me on where these large transactions came from? I seriously doubt it. Look at it this way; there are trillions of dollars of financial transactions in the US every single day & while tens of thousands is big money to us, it is chump change in the grand scheme of things. I wouldn't worry about depositing large checks, but of course, depositing large amounts of cash is a different story.

 

[threewood]

Don't think I read this wrong but capital gains on cars is 28%!! Scroll down in this article . https://www.bankrate.com/investing/long-term-capital-gains-tax/

I doubt that will apply to most of our vehicles as we drive them which depreciates the value. Plus, a lot of guys and gals paid more for the restoration work than the car is worth. Cars bought as a collectors item, like investment grade vehicles, would be prone to it. Mine? I'm writing that one in as a loss

From the article...
"Much of what you own will experience depreciation over time, so most of your possessions will never be considered capital gains. However, if you sell artwork, a vintage car, a boat, or jewelry for more than you paid for it, that’s considered a capital gain."

 

[super-bee_ski]

Bank Transfer

Yup, I've done a couple
Of course, typically Bank transfer or two or 3 Bank Checks