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Re: How to handle a car sales cash transfer
[Re: Ramrod39]
#3245846
07/20/24 12:15 AM
07/20/24 12:15 AM
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Joined: Feb 2015
Posts: 2,132
CA
crackedback
top fuel
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top fuel
Joined: Feb 2015
Posts: 2,132
CA
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Sorry, I'm know this has been posted before but I did not find the info via the Moparts search engine.
Looks like I'm going to sell a couple of cars for 55K next week. Trying to figure out how to do the transaction without getting the government or the banks all excited. I know there is a 10K threshold for some transactions.
How do you guys do this? A buddy of mine gets multiple checks for less then 10K when he does this.
Is there a reason to not deposit a check for 55K or do a wire transfer?
There is no tax on private car sales in Arizona.
Please advise. Thanks. Have them wire transfer the money. If the bank think you are circumventing the rules with multiple smaller checks (stucturing), that may throw up a bigger red flag than having a wire transfer hit your account. If they ask. "I sold a vehicle at a significant loss." If you bought the car for 5K and sell it for 20K you have a capital gain taxable event. That's fed tax law. Whether anything ever gets reported from these private sales, that's another story.
Last edited by crackedback; 07/20/24 12:19 AM.
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Re: How to handle a car sales cash transfer
[Re: Andrewh]
#3245887
07/20/24 10:30 AM
07/20/24 10:30 AM
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Joined: Jan 2003
Posts: 2,796
St. Louis, Missouri area
Cometstorm
"Beat It"
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"Beat It"
Joined: Jan 2003
Posts: 2,796
St. Louis, Missouri area
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About four years ago, a used car broker in Dallas flew one of his field agents to purchase my prestine 2012 Challenger SXT Plus for $17k. (St Louis area). Dude had $17k in hard cash. Strangest car transaction I ever had. He took Uber from St. Louis airport to my bank (around 45 miles), where we met to transact. The bank oversaw the process. Even ran the $100 dollar bills through a digital counterfeit reader. Field broker drove me home from bank in the SXT (just a few miles). We chatted awhile at my home, then he drove back to Dallas. Smooth as pie. They really wanted that car! https://hosting.photobucket.com/albums/y175/Cometstorm/100_6068.jpg
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Re: How to handle a car sales cash transfer
[Re: Cometstorm]
#3245903
07/20/24 11:17 AM
07/20/24 11:17 AM
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Joined: Jun 2003
Posts: 21,961
Enjoy life today, It has an ex...
gtx6970
Too Many Posts
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Too Many Posts
Joined: Jun 2003
Posts: 21,961
Enjoy life today, It has an ex...
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Wire transfer.
Ive bought and sold a few cars the past couple years.
1st one was personal ck But Im good friends with the buyer so no worries, It was over 30k
2nd one was international ( New Zealand ) just under 30k and it was
WIRE TRANSFER
Back in 2004 when I sold my Challenger for about 30k , never heard a word from the IRS or anyone for that matter
WIRE TRANSFER
Bought my 66 Satellite in 2020 over $50k , and it was
WIRE TRANSFER
Last edited by gtx6970; 07/20/24 04:05 PM.
Enjoy life today, It has an expiration date
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Re: How to handle a car sales cash transfer
[Re: Sniper]
#3245966
07/20/24 04:01 PM
07/20/24 04:01 PM
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Joined: Jun 2003
Posts: 21,961
Enjoy life today, It has an ex...
gtx6970
Too Many Posts
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Too Many Posts
Joined: Jun 2003
Posts: 21,961
Enjoy life today, It has an ex...
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My daughter works as a VP at a bank and we have talked about this in the past.
You drop a couple of under $10k deposits into your account it's going to get flagged and looked at period. Because the bank will get spanked if they don't and, frankly, your business isn't worth the aggravation to them if they don't.
You try the old I sold it at a loss dodge, you better have paperwork to prove that or the IRS will spank you even harder.
The geniuses telling you to game the system won't be there to pay the fine or do the time for you when you lose, and you will.
Just deposit your money, tell them how you got it and pay your taxes, such as there might be.
Agreed, My brother in law was bank VP , He told me You could do simple deposts of $1000 ea , for example 10 times over the course of lets say 2 weeks and it will get flagged
Enjoy life today, It has an expiration date
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Re: How to handle a car sales cash transfer
[Re: Cometstorm]
#3245991
07/20/24 04:44 PM
07/20/24 04:44 PM
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Joined: Apr 2007
Posts: 1,088
Central Michigan
nuthinbutmopar
super stock
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super stock
Joined: Apr 2007
Posts: 1,088
Central Michigan
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About four years ago, a used car broker in Dallas flew one of his field agents to purchase my prestine 2012 Challenger SXT Plus for $17k. (St Louis area).
Dude had $17k in hard cash.
Strangest car transaction I ever had.
He took Uber from St. Louis airport to my bank (around 45 miles), where we met to transact.
The bank oversaw the process. Even ran the $100 dollar bills through a digital counterfeit reader.
Field broker drove me home from bank in the SXT (just a few miles).
We chatted awhile at my home, then he drove back to Dallas.
Smooth as pie.
They really wanted that car!
If he got there with the cash, good for him. Here's the other side of that story: WSB story about cash getting confiscateed at ATLIf you don't want to read, TV station covering 2 different guys traveling with cash, one $8,500 and the other almost $40k, whose cash was confiscated even though they weren't charged with a crime. Good luck fighting the government to PROVE you are innocent and get it back. Do a wire transfer and make life easy on both yourself AND the buyer...
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Re: How to handle a car sales cash transfer
[Re: Sniper]
#3246017
07/20/24 06:35 PM
07/20/24 06:35 PM
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Joined: Dec 2003
Posts: 23,604
Here
jcc
No soup for you!!!
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No soup for you!!!
Joined: Dec 2003
Posts: 23,604
Here
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My daughter works as a VP at a bank and we have talked about this in the past.
You drop a couple of under $10k deposits into your account it's going to get flagged and looked at period. Because the bank will get spanked if they don't and, frankly, your business isn't worth the aggravation to them if they don't.
You try the old I sold it at a loss dodge, you better have paperwork to prove that or the IRS will spank you even harder.
The geniuses telling you to game the system won't be there to pay the fine or do the time for you when you lose, and you will.
Just deposit your money, tell them how you got it and pay your taxes, such as there might be.
 And everyone needs to understand, "structuring" $10K or more is not the problem, "structuring" any amount, even under $10K is illegal, and a problem. "Structuring" is mainly the splitting up of payments and/or deposits by any amount and/or over time with the intent to avoid scrutiny even if the transaction is perfectly proper, and the burden to prove otherwise initially to your bank is on the depositor and then maybe later to the IRS. What many did a few years ago doesn't matter. Times have changed
I'm with Helmuth Hübener, and no soup is being served today.
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Re: How to handle a car sales cash transfer
[Re: nuthinbutmopar]
#3246020
07/20/24 06:46 PM
07/20/24 06:46 PM
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Joined: Dec 2003
Posts: 23,604
Here
jcc
No soup for you!!!
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No soup for you!!!
Joined: Dec 2003
Posts: 23,604
Here
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About four years ago, a used car broker in Dallas flew one of his field agents to purchase my prestine 2012 Challenger SXT Plus for $17k. (St Louis area).
Dude had $17k in hard cash.
Strangest car transaction I ever had.
He took Uber from St. Louis airport to my bank (around 45 miles), where we met to transact.
The bank oversaw the process. Even ran the $100 dollar bills through a digital counterfeit reader.
Field broker drove me home from bank in the SXT (just a few miles).
We chatted awhile at my home, then he drove back to Dallas.
Smooth as pie.
They really wanted that car!
If he got there with the cash, good for him. Here's the other side of that story: WSB story about cash getting confiscateed at ATLIf you don't want to read, TV station covering 2 different guys traveling with cash, one $8,500 and the other almost $40k, whose cash was confiscated even though they weren't charged with a crime. Good luck fighting the government to PROVE you are innocent and get it back. Do a wire transfer and make life easy on both yourself AND the buyer... I have raised this very issue before here, and it fell on deaf ears. The government logic used here is, the cash is a separate entity and has no rights and therefore can be confiscated. Of course, with a good lawyer at a cost of say $25K?, you can likely get a lot of it back.  There is nothing illegal about carrying cash anywhere. Unfortunately, nothing illegal about authorities also confiscating it. Them keeping it seems to be only a slightly higher bar.
I'm with Helmuth Hübener, and no soup is being served today.
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Re: How to handle a car sales cash transfer
[Re: Ramrod39]
#3246021
07/20/24 06:51 PM
07/20/24 06:51 PM
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Joined: Dec 2003
Posts: 23,604
Here
jcc
No soup for you!!!
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No soup for you!!!
Joined: Dec 2003
Posts: 23,604
Here
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I would think if possible, get a cashier's check from the seller's national? bank, and everybody meet at a bank's branch, and that bank verifies cashier's check is valid while the title, the keys and the car are handed over.
I'm with Helmuth Hübener, and no soup is being served today.
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Re: How to handle a car sales cash transfer
[Re: jcc]
#3246055
07/20/24 10:47 PM
07/20/24 10:47 PM
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Joined: Jan 2003
Posts: 16,035
Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 16,035
Omaha Ne
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i did one about 3 years ago. 9K deposit, I sent the title. He paid the balance via cashiers check (46K). Once it cleared the bank he was allowed to pick the car up. I reported the sale to the Man through my tax guy. I actually lost a bit as I had owned it for many years. Tires, plates, insurance, maintenance, storage, resto costs ( had all the receipts), and the shipping costs when moving etc. better than looking over one's shoulder IMO 
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Re: How to handle a car sales cash transfer
[Re: massdaytona]
#3246102
07/21/24 08:34 AM
07/21/24 08:34 AM
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Joined: Dec 2003
Posts: 23,604
Here
jcc
No soup for you!!!
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No soup for you!!!
Joined: Dec 2003
Posts: 23,604
Here
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Which is why anyone who today thinks a check "clears" is uninformed. There is no time limit as to when any check can be returned, which seems to be a little-known fact today. A "hold" and "clears:" are very different terms and outcomes in the banking world. And why I suggested earlier any cashier check presented should be received at a branch of the bank that drafted the Cashier's check as an extra layer of protection..
I'm with Helmuth Hübener, and no soup is being served today.
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You can always say you are taking a loss... 
