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| Member |
It's my understanding if you put down $10000 cash as a down payment on a vehicle the dealership is required to notify the IRS. Does the same hold true if you write a personal check for 10 grand? Friend of mine is looking to purchase a car but she's concerned about the IRS getting involved if she puts down 10 grand in cash, I told her to just write a check. | ||
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| His diet consists of black coffee, and sarcasm.  |
Is there a cite or source for this? It doesn't make sense. Banks are supposed to report a deposit of such an amount, but buying a car has nothing to do with this. "The Almighty, He put some livin' things on this earth so a man can eat." - Festus Haggen, Gunsmoke | |||
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Member |
I've put $10k down a couple times & don't recall anything IRS related. The Enemy's gate is down. | |||
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Oriental Redneck |
I’ve paid more than 10k in cash for a car. What IRS involvement are we talking about ? Q | |||
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Get Off My Lawn |
^^^^^ Same. My wife and I paid cash for new cars for years and never heard a peep from the IRS. "I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965 | |||
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Member |
Cash or check doesn't matter, the transaction is supposed to be reported. https://www.irs.gov/newsroom/u...ge-cash-transactions [snip] Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300. By law, a "person" is an individual, company, corporation, partnership, association, trust or estate. For example, dealers in jewelry, furniture, boats, aircraft or automobiles; pawnbrokers; attorneys; real estate brokers; insurance companies and travel agencies are among those who typically need to file Form 8300.[snip] . . | |||
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Step by step walk the thousand mile road |
Because the auto is being financed, you are dealing with a "financial institution," hence, the need for an SAR. SARs are often submitted when the amounts are far below the federal thresholds. Under Obama, a gun shop in Georgia had the IRS seize nearly a million bucks from their accounts via civil forfeiture because their bank deposits were <$10K. The bank submitted the SAR. There was a reason for the shop's practice: their insurance carrier required them to have no more than $10K in cash on-site. The IRS did not care. It took a huge fight, getting Congress involved, to get his funds back. The owner is now a member of Congress! Nice is overrated "It's every freedom-loving individual's duty to lie to the government." Airsoftguy, June 29, 2018 | |||
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| Staring back from the abyss  |
$9999. No muss no fuss. ________________________________________________________ It is long past time for a Convention of States. The Founding Fathers gave us this tool to fix an out of control government and we need to use it. | |||
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| Just because something is legal to do doesn't mean it is the smart thing to do. |
I know some dealers will not allow you to use $10,000+ when buying a a new vehicle. $9,999.00 + a check for the rest was just fine though. Integrity is doing the right thing, even when nobody is looking. | |||
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| Bookers Bourbon and a good cigar  |
I just wrote a personal check for a bit over $40k for a car. Nobody cared. Any dog can be a Guide Dog if you don't care where you're going. NRA ENDOWMENT LIFE MEMBER | |||
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semi-reformed sailor |
I wrote a check for a brand new Lincoln Nautilus last year-$60k and the IRS never called, wrote or emailed us. The bank notifies the IRS about amounts ver 10k. It was a one time thing and isn’t suspicious. But if we wrote checks that high over and over it would be suspicious. My friend who is now the DAI 8 in NC, used to work for BB&T and did suspicious investigations for them. Car purchase in and by itself it’s not a problem. But there’s no way I’d carry 10k around in cash for a car purchase. “You may beat me, but you will never win.” sigmonkey-2020 “ in my opinion, anything that we can do to trigger a potential aneurysm in a leftist is a good thing and worth doing” nhtagmember 2025 | |||
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| No, not like Bill Clinton  |
It's over $10k cash, a check is fine. We are required to fill out form 8300 and send it to IRS | |||
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| Member |
That makes sense then, both of my $10k down were check pmts. The Enemy's gate is down. | |||
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Member |
This is dealing with cash only - not checks. While $10,000 is the baseline, Many, including banks will report lower amounts. Especially if they suspect 'Structuring' smaller transactions to add up over $10,000. I'm sorry if I hurt you feelings when I called you stupid - I thought you already knew - Unknown ................................... When you have no future, you live in the past. " Sycamore Row" by John Grisham | |||
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| His diet consists of black coffee, and sarcasm. |
I get from this that A, the burden of reporting is on the dealership on their end, not the car buyer on hers, and B, the transaction is 10 grand exactly, not more than 10 grand. $10,000.01 would be "over." Right? Exact Words For those who bought their cars for cash outright, you didn't give the money to the financial institution, you gave it to the dealer. It would be on the dealer to report it, not the buyer. Similarly, with the 10 grand down payment, that isn't going to the FI. Do I have any or all of this right? I am not seeing any scenario where the OP's friend has to report anything. "The Almighty, He put some livin' things on this earth so a man can eat." - Festus Haggen, Gunsmoke | |||
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| Ammoholic |
The government is interested in making sure they know what is going with your money. They want to make sure that they get all their taxes. They reqire banks to report cash transactions over $9999 and also have reporting requirements for auto dealers. If your bank doesn’t file enough SAR (Suspicious Activity Report), they are likely to catch heat for it. If one has cash income that has been reported on their taxes, who cares if the dealership files a report on the cash down payment? If one has cash income that has not been reported and had the tax paid on it, it goes without saying that one is breaking the law and might be well advised to be very careful where and how they use their (untaxed) cash. | |||
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Member |
If you are doing nothing illegal, you have nothing to worry about. I paid for my last car with a check from my credit union. The dealership verified the check and for sufficient funds in place. After that, no one else cared how I paid for the car. _________________________________________________________________________ “A man’s treatment of a dog is no indication of the man’s nature, but his treatment of a cat is. It is the crucial test. None but the humane treat a cat well.” -- Mark Twain, 1902 | |||
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| Member |
1984 called to say hello. Beagle lives matter. ______ (\ / @\_____ / ( ) /O / ( )______/ ///_____/ | |||
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| Member |
Payments made via wire transfer, personal checks, or credit/debit cards are not considered cash and do not trigger the reporting requirement. Because the government can trace those anyway. | |||
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Optimistic Cynic |
Note that you cannot "get away" with writing two $5K checks for a single transaction. This is called "structuring" and is a criminal offense, even if there is nothing illegal about the transaction itself. 1984 indeed! | |||
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