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Pretty ridiculous. My son likes to spend money as soon as he gets it. So, he has been giving me a chunk of his pay check each week for the past two years as he wants to buy a new car in cash.
When the time comes, I'll give him his money and he'll go buy his car.
Now it sounds like he'll have to explain "where" he got his money from? Geesh...
I don't care if the transaction is reported and tracked, but having the Feds show up and asking questions is ridiculous. If I want to save up $20,000 cash to buy a car that's my business, not theirs. (Note: I've already been taxed on the money because I paid taxes all along, and the $20,000 includes taxes and fees too.)
You act as if someone is going to show up at your door and ask you all sorts of questions. It's a matter of paperwork.
That's what people in this thread have been saying. Money laundering has nothing to do with what I'm talking about.
Quote:
Originally Posted by Stripes17
Pretty ridiculous. My son likes to spend money as soon as he gets it. So, he has been giving me a chunk of his pay check each week for the past two years as he wants to buy a new car in cash.
When the time comes, I'll give him his money and he'll go buy his car.
Now it sounds like he'll have to explain "where" he got his money from? Geesh...
lol, the cash transaction is reported to the IRS. They're not going to interrogate you (well, unless something is obviously amiss). They're trying to prevent tax evasion and money laundering so it has everything to do with it.
Even a Bank Cashiers check is questionable now days.
Once tried to deposit a large amount Wells Fargo Cashiers check into one of their own branch banks and it took over one hr before it was excepted into my account...I was not very happy at the time thinking a Cashiers Check was the best you could have.
I believe you.. And I don't have $20k in cash stashed under my bed.. So.. It really doesn't matter to me.. Just wondering if a cash purchase over X amount would trigger reporting requirements.
Yes, but the reporting requirement is on the business' shoulders, not yours.
I'm planning on buying a car with cash. I'm not a crook so I don't care about the reporting requirement.
I've heard of some real estate transactions where someone brings $200k in cash to the closing in a paper bag. If they got paid in cash and kept it under their mattress, someone's going to have to explain where all the money came from.
Wow people, as others mentioned, it is just a simple form. Nothing, absolutely nothing will come of it. Numerous transactions like this happen every day, it is nothing special. What the gov looks for is patterns in this, and even then, it is just a pattern, there are numerous legit transactions that a person does every month that can create a pattern. A simple inquiry can easily reveal the legal nature of the business or pattern of transactions. Of course if the money is being obtained by illegal means, it might be difficult to prove the source of the cash.
Say you do a ton of side work and manage to save up 20,000 bucks.
Can you buy new even without a real job/ income verification.
Hi EuropeanFlava,
Yes you can buy your car cash. I sold my condo, so I had a little cash in my account. I was driving a car that was on a lease. The lease payments were high and so was the insurance. I decided to buy a car, cash; which is what I did. There was no extra paper work, nothing. I went to the bank and they made a bank check for 21K out of my account. Best move I ever made.I do not miss the car payments or the expensive insurance. I would never finance a car again. It is a wealth hazard.
Last edited by Hollywood55; 06-20-2015 at 01:39 PM..
Reason: added to
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Cash is King
