A local farm family has a bunch of produce stands; they were depositing just under 10k cash on a regular basis trying to keep from raising flags, next thing they know Uncle Sam confiscated their bank account. I think they had something like 60k tied up for a long time, and even after it was all straightened out there were massive fines.
Bryan, the only way they could get fines is if they didn't report it to uncle sam. Otherwise they did nothing wrong. I deposit cash all the time, Im a painting contractor. I now agree that one big deposit is best if you have proof of the ownership and sale of the car. Again, your not doing anything illegal as long as you only sell 4 cars or less a year here in AZ.
its actually considered capital gains. If you have receipts to offset the sale price, there are no capital gains.
Never had an issue payng cash or getting cash for a car. I put it in a secure spot in the house so I can use it towards the next purchase. Cash will always sway a seller when negotiating a car purchase, so I don't like to have to tell a seller I have to go get the funds.
I sold a car for cash a few years ago. It was only $7800.00. I went to the local "stage coach bank" teller, and wanted to deposit it in my account I had had with them for 20+ years. It was all $10's and $20's, so it was a large stack. The teller went stupid on me that I needed to fill out IRS forms for that amount of cash. I reminded her that I was depositing $7800.00, not $10001.00, and the forms weren't needed. After a bit of time of her carrying on, I asked for the local manager. He looked it over, and said, "take the money, give him a receipt" and apologized profusely for her. I never saw her at any of their banks after that.
If you sell for cash have a marker pen handy to check for funny money. Second hand info, but I heard of a 20k sale at spring Grand Run being paid w/all funny money.
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