Payment method

EastMT said:
I bet you also expect the name on the drivers license to match the name on the title. :)  That’s one of the questions I now have to ask over the phone before driving a couple hours to look at / buy vehicles. 
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For real.. the DL of a scum bag meth head with nothing to lose is of no valid selling 'stolen' cars

 
dbart said:
10K is fine, it is anything over 10K.

10,000.01 and you would be filling out the Form 8300.
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All depends.

Sold my old Dodge went to the guy's bank He asked to pull $14K from his account. I stood there as the cashier counted it out ( He had called the day before and had the money shipped in) Put it in my pocket and handed him the title.  Drove to my bank handed them $14K in cash. They asked me what this was from, Said sold my truck. Nothing else was said or asked.

We are right now doing a project for a weed lab.  They asked if they could pay in cash. So we checked to see if depositing $100K in cash over the next 4 months was going to be an issue.  Our (company) bank said up to $25K deposit at a time as a business and they don't care. 

 
MWB said:
All depends.

Sold my old Dodge went to the guy's bank He asked to pull $14K from his account. I stood there as the cashier counted it out ( He had called the day before and had the money shipped in) Put it in my pocket and handed him the title.  Drove to my bank handed them $14K in cash. They asked me what this was from, Said sold my truck. Nothing else was said or asked.

We are right now doing a project for a weed lab.  They asked if they could pay in cash. So we checked to see if depositing $100K in cash over the next 4 months was going to be an issue.  Our (company) bank said up to $25K deposit at a time as a business and they don't care. 
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#AZ  #WEEDRANCHERS  #NOROOM4LAWDOGS

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As others have said, my preference is wire transfer. Second choice is to go with the buyer to the bank and get a cashier’s check when you can see it being made. I sold my daughters truck and buyer showed up with 15k cash along with four of his buddies. It was hard to count cash with one hand on my gun. I made sure they knew I was carrying. Both parties were very uncomfortable. I thought they were going to rob me and they thought the same. I hope to not go through that again. 
 

I really don’t understand why folks are worried about the $10k deposit thing. As long as you have a legitimate reason there is no issue. If IRS asks, just show them the bill of sale for whatever you sold and you’re all done. If you are trying to hide income then I guess that’s a whole separate issue. But I’ve done numerous transactions well above 10k using wire transfer, cashier’s check and cash. Never once been asked about any of them. I always ask the bank teller to put a note on the transaction indicating a vehicle sale, purchase or similar. 

 
Dockmaster said:
As others have said, my preference is wire transfer. Second choice is to go with the buyer to the bank and get a cashier’s check when you can see it being made. I sold my daughters truck and buyer showed up with 15k cash along with four of his buddies. It was hard to count cash with one hand on my gun. I made sure they knew I was carrying. Both parties were very uncomfortable. I thought they were going to rob me and they thought the same. I hope to not go through that again. 
 

I really don’t understand why folks are worried about the $10k deposit thing. As long as you have a legitimate reason there is no issue. If IRS asks, just show them the bill of sale for whatever you sold and you’re all done. If you are trying to hide income then I guess that’s a whole separate issue. But I’ve done numerous transactions well above 10k using wire transfer, cashier’s check and cash. Never once been asked about any of them. I always ask the bank teller to put a note on the transaction indicating a vehicle sale, purchase or similar. 
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They get nervous because they think it goes to the IRS. It doesn't. It goes to the treasury department. It's just to help detect money laundering. Now if you are audited, I'm sure the IRS has the capability to call over to Treasury and ask about any activity on your social. Wires and cashiers checks don't apply here because they are documented transactions and can be found in an audit. Some people may not be asked about a transaction over 10k at their bank simply because they are at the same bank they always use, the teller has verified their identity, and they already have the necessary info needed to complete the paperwork.

 
All I know is if the seller is asking for payment in 300-400 roses, your getting screwed.

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Because it's easier to pay my mortgage this way..I transfer my GF money every month through Zelle that is well above the $600 mark.  She's never seen a 1099 for it.

 
Dockmaster said:
As others have said, my preference is wire transfer. Second choice is to go with the buyer to the bank and get a cashier’s check when you can see it being made. I sold my daughters truck and buyer showed up with 15k cash along with four of his buddies. It was hard to count cash with one hand on my gun. I made sure they knew I was carrying. Both parties were very uncomfortable. I thought they were going to rob me and they thought the same. I hope to not go through that again. 
 

I really don’t understand why folks are worried about the $10k deposit thing. As long as you have a legitimate reason there is no issue. If IRS asks, just show them the bill of sale for whatever you sold and you’re all done. If you are trying to hide income then I guess that’s a whole separate issue. But I’ve done numerous transactions well above 10k using wire transfer, cashier’s check and cash. Never once been asked about any of them. I always ask the bank teller to put a note on the transaction indicating a vehicle sale, purchase or similar. 
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When I sold my trailer, kind of the same thing.  The dude and his brother-in-law came at me because I wouldn't let him gouge me on the price.  I cracked out my piece and set it on the dash.  His wife freaked out.  Told them to take a walk.  She came over, handed me the money and apologized.  I disconnected and left.  F*cking bullshit!

So here is a big questions for any banking or finance types.  WHY is a wire transfer not monitored in the same way cash is?  Yes, I get that it is fully traceable and such.  BUT...the democrats pushed that bill that requires reporting transaction of $600 or more.  Biden has said this was to help in getting taxes on people making money.  I thought being a private seller of "things" was ok?  Not in a business sense but if I sell my car, boat, rail, etc...why do I have to pay taxes on it?   AND...why if I accept a wire transfer, am I not worried in the same way I am with depositing cash?

 
Mac said:
When I sold my trailer, kind of the same thing.  The dude and his brother-in-law came at me because I wouldn't let him gouge me on the price.  I cracked out my piece and set it on the dash.  His wife freaked out.  Told them to take a walk.  She came over, handed me the money and apologized.  I disconnected and left.  F*cking bullshit!

So here is a big questions for any banking or finance types.  WHY is a wire transfer not monitored in the same way cash is?  Yes, I get that it is fully traceable and such.  BUT...the democrats pushed that bill that requires reporting transaction of $600 or more.  Biden has said this was to help in getting taxes on people making money.  I thought being a private seller of "things" was ok?  Not in a business sense but if I sell my car, boat, rail, etc...why do I have to pay taxes on it?   AND...why if I accept a wire transfer, am I not worried in the same way I am with depositing cash?
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I don't think the $600 deal passed, did it? I honestly didn't read much about it but was irritated none the less. Was it a requirement to report any $600 transaction to the IRS as income? Or was it an attempt to lower the Title 31 reporting threshold from $10,000.01 to $600?

The $10,000.01 or more being reported is Title 31. It is simply to document that the transaction took place. It doesn't go to the IRS. It's not reported as income. It's just documenting that you gave or received more than $10,000.01 on such and such day and that your identity was verified. As mentioned previously it is just to help detect money laundering. The reason you are not worried about the wire transfer is because it is documented, goes right into your account, and there is no way around it. The Title 31 paperwork shouldn't worry you either. However, if you are hiding income, I wouldn't suggest depositing, or withdrawing as it goes for either type of transaction, more than $10,000.01. Simply because if you are found to be hiding income they aren't going to believe that one particular transaction was from a legitimate sale and the rest is from hiding income. 

The other reason to avoid the paperwork is that it's just one more document introduced to the system and eff them and their bureaucratic bullshit. 

 
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