Hey Veeky Forums

not between private parties

Wait....

Are you serious? I'm going to go buy a 20,000 car now...

...

>However, you do not have to file Form 8300 if the transaction is not related to your trade or business. For example, if you own a jewelry store and sell your personal automobile for more than $10,000 in cash, you would not submit a Form 8300 for that transaction.

Not american so im just assuming

>go see car
>make a deal
>shake hands
>go to bank with said person and do transfer
>drive dude back to his place and cruise comfily home in my new car

??????????

this way you don't have to pay in cash?

They're trying to launder money. Nobody that buys a car legally ever has this problem.

>laundering money by having a written bill of sale for a cash amount recorded into the DMV for the purposes of taxes
seems legit

>do you think they'll keep their mouth shut and be happy with the money?
>thinking the DMV does anything but collect registration fees
>bill of sale now explicitly states, in bold, size 72 font, "paid in cash with 10s, 20s, and 100s"

i dont think you understand what money laundering is.

Naw, I'll be paying with a bank cheque for the price of the car.

I am now happy.

Time to go buy a $20,000 car in cash! Thank you I think I'll buy a used m3 or something, I don't know.

Ayyyyyyyy

I don't get if you're trying to say I'm laundering money and no one cares because I pay my taxes, or something else?

I don't think he does, either.

Most people on CL are not willing to take a cheque that isn't considered as good as cash. I am not financing a car. However, I was concerned they would file an 8300 form for the 10k transaction.

Getting audited for no reason would suck dick

>thinking a bill of sale shows fuckall where he money came from
I don't think you know how to read.

Who else beside someone shady is worried about paying cash for a car?

>I don't think he does either
Says the dumbass that thinks you get audited from buying a car.

>dumbass

I was inquiring about the possibility of an 8300 triggering an audit.

An 8300 will trigger an audit by the way.

Thanks.

Also, why are you so upset? I can't pay a private party with a check, and I can't exactly give them a debit card. I've just never purchased a car this expensive in cash.

Jesus, I bet you love all the government regulations that stop you from spending your money.

Also, laundering is the process of turning illicit funds into essentially clean funds. It's mainly done through cash heavy businesses.. Not buying a fucking car. LOL

Am I missing something here?

>buy car, pay cash
>seller puts sold for like $5 on the title assignment
>both of you go your separate ways
>DMV gets fucked on their tax when you register

This is how I've done literally every transaction from a private seller.

Laundering isn't making ill-gotten money appear legit, is it? By doing things such as running cash-rich businesses or buying merchandise, right? Nah, that can't be it at all.
>never heard of a wire transfer or certified check
>8300 triggers an audit
First of all, it's for businesses only. Second of all, submitting a single form doesn't trigger jack shit. Don't talk about shit you know nothing about.

Yeah, there's a tax form called the 8300, and it FUCKS you if you buy anything over $10,000 in cash. If you buy a car and pay over $10,000 in cash, even in conjunction with financing, you get reported to the IRS.

It's a damn shame.

Also, I think it may raise some flags if I buy BMW M3

You are a fucking retard. The 8300 is for the business RECEIVING the cash payment to determine their cash flow, not for the purchaser.

I like you. Tell me more.

Funny that's never happened to me. Sure you're not just retarded?

Damn, you're right.

I was definitely misdirected by the dealership that I called. They informed me that if I bought any car from anyone I would have that form filled out.

I haven't slept more than 3 hours in a few days straight. I run a small business that handles a lot of cash, we basically train people to properly communicate and help the physically/mentally disabled.

I have a severely disabled stepdad that I take care of. It's kind of what got me to where I am today. I was really concerned about getting audited after the salesman ripped me once I started to talk about possibly buying the car private party. Saving all my extra cash for 10 years, ride sharing, taking the bus, or bicycling has taken a toll on me.

However, I was scared of the audit because two years back the IRS mixed up my tax records and ended up draining my account. Because it was a weekday, all of my outgoing checks from bank of america bounced.

I ended up having to live on couches for a month until it got sorted out.

I really appreciate the help, guys.

Yeah man, honestly you saved me a lot of trouble. Is there any way I can send you some bitcoin as a thanks?

More about what? The 8300? It's just a form that helps to track the origin of money received by businesses. Cash is considered anything from a bank draft to rolled coins. If you have a lumber company and a contractor sources their supplies from you, then you, the business owner, will file an 8300 showing the payments received from the contractor. Private sales of vehicles arent subject to any such form. Sure, you're responsible for ad valorem or registration taxes, however your state collects them, but that has nothing to do with the IRS. If the seller makes a profit on the sale, they're supposed to record the amount as taxable income, but 99% of people never do and the IRS won't ever audit them. Why? They don't care about one guy making $2000 off the sale of a car. They care about the guy that "runs a business" with $500k in sales a month but always somehow manages to show a loss.

If you're ever in doubt, don't listen to some random asshole online. Even though i'm familiar with small business accounting because it's what I do, you should always consult an accountant in your area. $150-300 for peace of mind and professional consulting will always be worth it.

>Lexus IS-F
>old shit car

People like you make a great case for eugenics.

>Saving all my extra cash for 10 years, ride sharing, taking the bus, or bicycling has taken a toll on me.
Imagine the toll not being able to afford the maintenance on your M3 will take. Seriously, if you can only save a couple grand cash a year you can't afford a fucking M3.

I would be happy to pay you for your help man. I genuinely asked dozens of people that I know about it, and I spent a lot of time trying to read through the Washington State codes on it.

I was purchasing $9,000 in equipment the other day, and this guy argued with me for about twenty minutes, saying that any cash deal we did over $9,999 would cause this to happen as well.

I'm genuinely sorry for coming across as a prick, especially when I couldn't have been more wrong. You've honestly saved me such a crazy amount of stress, i couldn't be more thankful. My girlfriend and I were both looking for two cars under $10,000, even though we can afford a lot more now.

I can't finance because my mother forged my signature on A LOT of documents, and besides paying off the debt that I didn't even know I had, I can't exactly turn my mom in, or sue her for fraud. She's semi disabled as well, but unfortunately is very savvy when it comes to getting what she wants.

Seriously, thank you. I don't trust many accountants in my area, but I'll be sure to look for one soon.

If there's anyway I can pay you back as an apology, and a tip, tell me

Oh dude,

I have $400,000 saved up between my girlfriend and I. I haven't minded ride sharing and all of that, I just finally decided to get a proper car. I'm sorry I misrepresented that.

My money was almost entirely tied up in my trading accounts at that point. I was actually taking a vacation across the country when I checked my bank account and basically shit my pants.

For clarification, my mother forged my name and used my income to MAX out a lot of credit cards. They're being paid off in a timely manner, but I really don't like financing. I understand there's the opportunity to pay very low, if not almost 0% interest. I am not willing to finance anything right now (a lot of reason that are mainly personal).

Also, I'm not buying an M3 lol!

I'm going to buy a Camry.

Nothing needed. There are so many trolls on this board it's hard to tell who's serious and who is bullshitting. And if you have a legitimate concern, seriously, don't be afraid to call the IRS. They can help you find an enrolled agent in your area that's required to be up-to-date on tax laws and whatnot and will direct you to resources that will help answer questions.

So, just to clarify, I've paid all my taxes on time, and every last dime of my profit has been declared.

I won't get in trouble for buying a car in cash? Excluding something like a $50,000 car? Or would that just come in to play if I was audited (not buying a 50k car, just thinking if I buy a Corolla now, I can upgrade someday)..

I was also concerned that an accountant would lie to me. The last accountant I had told me that a 10% flat tax would save our country, and signed her emails "Make America great again".

If your income is legal, you can spend your money however you want. It doesn't matter if it's paper currency, a bank wire, cashier's check, etc.

Hey, different guy here, I would really like to ask you a bit of an in depth question that you might find interesting. Can I email you, or is it safe for me to post here?

A savvy investor that has put away 400k is asking if he will "get in trouble" for buying something in cash. Great story.

>savvy

Most of it is my girlfriends, it was inherited and we consider it off-limits.

That's for our future, and our children's future.

She's going to dump you after some years pass and that gravy train ride run right off the rails. Based on the questions you're asking I can only assume you're borderline retarded and unlikely to survive on your own.

Jesus. Tap dancing. Christ.

paid $11k cash in hand for a truck and I lived.
$10k isn't as much as you think

EXCUSE ME.

Isn't the guy technically right? If he pays in cash, and then the seller deposits that cash into his bank account, wouldn't the bank fill out, or have you fill out the IRS form 8300, along with a SAR?

Or is that only if there isn't a reportable source of the income? Wouldn't the IRS check on that single $30,000 deposit, and then trace it back to the owner, then request proof of how they obtained that money, and possibly auditing them?

Obviously the SAR is just if it's suspicious, but still.

>my mother forged my name and used my income to MAX out a lot of credit cards. They're being paid off in a timely manner

And you're not going to report her for identity theft?

>stuff happens all the time
>claiming it never happens

It's my mom, bro. Sometimes you just have to deal with shit.

Exactly this. Fuck the taxes, eat a dick government.

The only business you run is sucking cock in a back alley for $2 a pop you fucking retard.

Pls don't have children.

It's his mom, dude.

If you'd seriously call the cops on your own mother, you're scum of the lowest kind, and probably resent your mom for buying the wrong type of hot pockets.

That's funny, you'd think I'd try to undercut your mom with how much volume she does.

> 2012 was 10 years ago
Where has the time gone?

>we consider it off limits

You're aware "we" doesn't mean "she" right?

you could just fucking deposit twice

>country of freedoms
why the fuck cant you pay with $10k cash....? is that illegal or something in the states?

That would be over 3 deposits. Otherwise it's a crime called structuring, which is equally as bad.

Dummy.

Anyways, I'm not OP, but I am now discovering my love of M3's

>Being surprised that a dealership lied to you