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Old 11-04-2018, 06:30 PM
 
51 posts, read 43,901 times
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I recently came into some cash left to me from my grandfather. When I say cash not money in a bank but smash that was kept in his safe. I am toying around with buying a rv or a camper with this money. But I don't really wanna walk up to the bank with xxx money. I don't want any eye brow raising by the irs with depositing that much cash. If I were to buy a rv off a individual is it normal to bring that much cash to a purchase? Kinda makes me nervous. I've never paid anything in cash very big at all so I'm not sure if this is normal? Anyone have any insight?
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Old 11-04-2018, 06:36 PM
 
4,985 posts, read 3,963,230 times
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"Anyone have any insight?"

yes.
what is the exact amount of money?
yes, that makes a big difference.
for example:
$15,000.00 vs. $15,000.01
means filing with the IRS or not.
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Old 11-04-2018, 09:09 PM
 
Location: Wasilla, AK
7,448 posts, read 7,584,029 times
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Quote:
Originally Posted by turkeydance View Post
"Anyone have any insight?"

yes.
what is the exact amount of money?
yes, that makes a big difference.
for example:
$15,000.00 vs. $15,000.01
means filing with the IRS or not.

In the US the threshold is $10,000. Anything over that amount will result in a Form 8300 being filed, if the recipient of the money is a business. Private party purchase, no form 8300 needed.
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Old 11-05-2018, 03:28 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,705 posts, read 58,022,681 times
Reputation: 46172
Quote:
Originally Posted by Mcdman88 View Post
I recently came into some cash left to me from my grandfather. ...I don't want any eye brow raising by the irs with depositing that much cash. If I were to buy a rv off a individual is it normal to bring that much cash to a purchase? Kinda makes me nervous. I've never paid anything in cash very big at all so I'm not sure if this is normal? Anyone have any insight?
Cash is pretty common (and preferred) among private parties. I have bought several RV / bulldozers / trucks with a lot of cash, but nothing Huge amount. $150k+. You want to be careful in selecting and screening your buyer, some cash purchasers have arrived for the transaction and found themselves cast overboard with cement shoes (CL thief).

Be wise about that and bring a couple BIG friends! Be sure the title is clear and the VIN matches the title! I have come home with (4) vehicles with appropriately designated with correct type / model / yr... yet VIN did not match. (Usually an error or mixed up title at some seller in the past). These can be tough to correct.

Do realize there are certain segments of USA economy that operate 100% cash (Many more economies elsewhere in the world are cash only.)

As always... get professional advice and pay for assistance when examining / screening / dealing with large transactions. (Qualifying the vehicle and transacting funds).

Last edited by StealthRabbit; 11-05-2018 at 03:37 AM..
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Old 11-05-2018, 06:06 AM
 
Location: The Triad
34,088 posts, read 82,945,062 times
Reputation: 43661
Quote:
Originally Posted by Mcdman88 View Post
I recently came into some cash left to me from my grandfather.
I am toying around with buying a rv or a camper with this money.
Does that mean your other financials are in good order?
Credit Card Balance? Savings and Investments? Car and House all up to snuff?
Don't fool yourself for my/our sake here... if anything needs doing that's where the CASH goes.

Quote:
If I were to buy a rv...
You'll need to lay out one rather large CHUNK of cash.
The mechanics of the transaction are the least of it ... but I'd invite the seller to my bank to receive
certified funds and to have the notary service for the Bill of Sale and Title paperwork.


Not long after you buy expect to keep laying out large chunks of cash.
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Old 11-05-2018, 10:18 AM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,553 posts, read 81,131,933 times
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I would be very careful buying a first RV from a private party. There are a lot of things that could be wrong with it and expensive to repair. Buying from a dealer gives some recourse if get at least a one year warranty. With the low interest rates and the long terms available on RVs, plus the ability to deduct the interest from federal taxes (qualifies as a 2nd home if it has a bathroom) I would go new, put down a small percentage, and use the cash to make the payments until it's used up.
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Old 11-09-2018, 06:30 AM
 
17,298 posts, read 22,023,110 times
Reputation: 29643
Quote:
Originally Posted by Mcdman88 View Post
I recently came into some cash left to me from my grandfather. When I say cash not money in a bank but smash that was kept in his safe. I am toying around with buying a rv or a camper with this money. But I don't really wanna walk up to the bank with xxx money. I don't want any eye brow raising by the irs with depositing that much cash. If I were to buy a rv off a individual is it normal to bring that much cash to a purchase? Kinda makes me nervous. I've never paid anything in cash very big at all so I'm not sure if this is normal? Anyone have any insight?

You are nuts! Took your grandpa his whole life to save that much cash and you want to buy an expensive used RV?

Keep your "cash" and rent one instead.
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Old 11-09-2018, 10:14 PM
 
1,668 posts, read 1,486,348 times
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Before doing something foolish with that money to avoid IRS attention, I would, do some research to find out what the true tax consequences of it are.
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Old 11-10-2018, 05:31 AM
 
4,149 posts, read 3,903,448 times
Reputation: 10938
Quote:
Originally Posted by City Guy997S View Post
You are nuts! Took your grandpa his whole life to save that much cash and you want to buy an expensive used RV?

Keep your "cash" and rent one instead.
It is his money and he can do what he wants with it.
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Old 11-13-2018, 02:13 PM
 
Location: Grosse Ile Michigan
30,708 posts, read 79,786,099 times
Reputation: 39453
Quote:
Originally Posted by City Guy997S View Post
You are nuts! Took your grandpa his whole life to save that much cash and you want to buy an expensive used RV?

Keep your "cash" and rent one instead.
Keep it for what? Save it like grandpa did so it can be left to the next person and then the next and the next?

Do with it what makes you happy, or what makes someone else happy if that makes you happy.

A quality used RV is not a bad buy. Get something like a Prevost, Newell or an older Bluebird and it can become a family legacy. They are good for a million miles or more if you keep up the maintenance. Best bet is to find one that was always stored indoors. Not too low mileage for its age because it is not good if it is left sitting all the time. Look for at least 1000 miles per year on average. More than 5000 miles per year and it was probably a full timer. It may be pretty worn out.

Be careful of anything post 2006 and pre 2012, because all the companies started going broke and cutting corners. There are some good ones form the recession and near failure of the industry, but it is risky. Also be careful about newer stuff, especially from Companies owned by Thor. Newmar or Monaco/Beaver made some really nice rigs if you do not want to go whole hog with the big three. Pre-buyout Entengras were reasonably nice.

It is not clear how much you are talking about. A 2006 Prevost will likely cost $250K or more. Monaco or Beaver Signature level about $150K.

If you are looking cheaper then you either have to go older to stay in the high quality group, or go smaller or get into the cheaper ones. Another option for cheaper but still nice are 5th wheels with a big pick up truck. pre 2012 DRV, New Horizon, Van Leigh are all pretty well made.

Or you can go with a toy hauler (either Motorhome or 5th wheel). I am not much familiar with those. Some of them after your unload the "garage" part, it converts to either living space or a screen porch. A few ever have outdoor decks.

Make sure you know what you want. Engine and chasis are probably more important. you probably want a diesel pusher if you get a motor home. Floor plan can be critical. Do you want two bathrooms/ If so, what are you willing to give up for the second bathroom? What floor plan do you want? Personally I would not worry about electronics or furniture. They are going to be out of date by the time you buy it, and you will eventually upgrade it. What other features do you want? diesel generator? Solar? what kind of heat? Water heat? The best heat/hot water comes from a diesel powered unit called aqua-hot. You will likely have to replace the burner if it is old. You will likely want a residential refridgerator. Personally I would want an all electric motor-home. Carrying around propane in a fire-deathtrap scares me. Some motor-homes have several alternate escape hatches. that would be pretty important to me even if I did have all electric. For all electric, you either plug into a power source, or use your generator or solar depending on what is available.

Get it inspected by a professional, well wortht he cost. Also I woudl watch out for anything from a hurricane state. It might be fine, but it also may have been flooded in the past. If so, you simply do nto want it. Anything with any sign of having water leaks (usually the roof, especially around vents or AC units). or flood damage - pass. No matter what, you do not want it.

Some motor-homes have seats the turn around and become part of your living room. Do you want that?

If you will be in hot places a lot, get three AC units.

The roof is critical. get one piece or rubberized, not seamed fiberglass.

Be wary about tires. they need to be replaced every 7 years regardless of condition. It can be $10k to replace all the tires.

Will you tow something like a car or trailer full of toys? You may need a tag axle. The fancier rigs have a steerable tag axle.

You can go and go and go. A well equipped large Prevost cost $1.2 million - $2 million when new. Drop back to maybe 2006 and they cost about $250K. Go back to 1998 and they drop to 150 or sometimes even below $100, but they will have one, or no slide outs.

We are digging into what we want for a retirement home. there is a ton to learn. It may take several years of study for us to decide what exactly we want and then it may take several more to find the exact rig we want for a price we can afford. Keep in mind the nicer Motorhomes are not mass produced. They are hand made. Most companies make fewer than 100 of their top models per year. Finding a used one that is just right for you may take a lot of work.

BTW I am told most people get the wrong rig for them the first time up. You end up getting thinks you think you need but don't need and not getting things you do not know you will need. I intend to avoid that, but you may not be willing/able to spend years researching and figuring it out. I have to.
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