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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 12:16 am 
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Ron LaDow wrote:
Mark Roth wrote:
Who besides the buyer and seller knows what the car sold for?

Unless you put the money under the bed or buried in a coffee can in the back yard, probably your bank, which is under federal requirements to report your deposit.


I've literally watched it going into coffee cans while we load the car, no joke!

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 12:21 am 
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Adam Wright wrote:
And if you get tricky and try and deposit a bunch of smaller checks, the bank reports that too.

Yep, deposits of X amount must be reported by law. Deposits of X(minus some arbitrary amount) may be found suspicious if a prosecutor chooses to dispute the amount or get some press.

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 12:37 am 
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Adam Wright wrote:
I've literally watched it going into coffee cans while we load the car, no joke!

I do not doubt this one bit.
I'm sure some of our Euro members can comment (if they choose), but in particular a customer in Italy has made it quite clear that *any* transaction which can be carried out sub-Rosa will be. And without shame; "tufta" is not only a Russian intent and activity.
If the US currency denominations were expanded by one or two decimal places, many such would be done here also; it is likely that keeping the largest in general circulation bill at $100 is not an 'oversight'.
I'm betting that Bitcoin is scaring the hell out of the taxman...
Added by edit:
REALLY off topic, but following it...

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 6:32 am 
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Ask Paul Manafort if he's having a good time after trying to avoid taxes. :-)

Chuck

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 7:47 am 
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Thomas, Baskin the 80s I sold two Carreras to a CPA in California, he had me structure the bill of sale noting the cars at a lesser value and the balance of monies in parts, 4Cam engines etc. just saying.

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 7:56 am 
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Banks are required to report cash transactions of $10,000 or more individually or in the aggregate. Not checks.

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 8:57 am 
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C.J. Thanks for sharing the tax article very in lightening, I will study it and have a better idea how to handle the sale of my Speedster if and when I decide to part with her. I have a big gun safe so no worry about putting the money in it but I have always thought it is better to try and follow the law than try to defend not following it and after reading the article and being 74yrs old I'm not in a high tax bracket so I guess the 15% gain tax would be less than the what the fine would be for trying to hide the money. I'll see what a tax consultant say.

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 10:37 am 
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Only cash deposits of 10k or more are reported, NOT checks. Checks are considered traceable, so they do not count.

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 11:09 am 
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Anyone who relies on advice in tax matters from an on-line forum such as this is doing themselves a disservice. (Including the advice from Al's accounting associate.)

Go get assistance from a professional and then sleep well at night.

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 1:13 pm 
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Wes Bender wrote:
Anyone who relies on advice in tax matters from an on-line forum such as this is doing themselves a disservice. (Including the advice from Al's accounting associate.)

Go get assistance from a professional and then sleep well at night.


While I agree that you get what you pay for when getting free advice from places like an on-line car forum, it can be helpful in cases to ask other classic car owners who may have already had their tax professional do all the research. I've found tax preparers to be good, but they don't always know all the nuances needed for something as specific as a classic car that you may of owned for decades. So I would say do both, poll the community and then take that info to a tax professional.

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 Post subject: Re: auto sale
PostPosted: Fri Aug 10, 2018 1:54 pm 
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Remember who put Al Capone in jail. It was not the cops. ..................Jim.

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