Selling a vehicle and money questions...

[trulyvintage]

Originally Posted by ford38v8

Some things you missed.... TJ is a retired Police Officer, there was no gun, and no joke.

Assault can be verbal.

You can threaten to commit a violent act by verbalizing intent.

Meeting someone in a public parking to conduct a sale of goods - one party has a “ feeling “ that motivates them to mention there is a passenger in the back seat of the vehicle they arrived has a gun - the reasonable assumption is that person feels threatened.

If that person turns out to be a retired police officer - the assumption is that their “ feeling “ is more justified.

If you are not comfortable or feel threatened doing a business transaction with another party in s public setting - walk away.

Don’t mention a passenger in your vehicle has a gun.


Jim

[Willit Stop]

Looks as if it might be easier and safer to just keep the car.
All kidding aside, a bank to bank transfer would be best for everyone.

[34pickup]

Originally Posted by trulyvintage

Assault can be verbal.

You can threaten to commit a violent act by verbalizing intent.

Meeting someone in a public parking to conduct a sale of goods - one party has a “ feeling “ that motivates them to mention there is a passenger in the back seat of the vehicle they arrived has a gun - the reasonable assumption is that person feels threatened.

If that person turns out to be a retired police officer - the assumption is that their “ feeling “ is more justified.

If you are not comfortable or feel threatened doing a business transaction with another party in s public setting - walk away.

Don’t mention a passenger in your vehicle has a gun.


Jim

Are you serious? Sounds like you were raised in "snowflake" country.

☺

[ford38v8]

Originally Posted by trulyvintage

Assault can be verbal.

You can threaten to commit a violent act by verbalizing intent.

Meeting someone in a public parking to conduct a sale of goods - one party has a “ feeling “ that motivates them to mention there is a passenger in the back seat of the vehicle they arrived has a gun - the reasonable assumption is that person feels threatened.

If that person turns out to be a retired police officer - the assumption is that their “ feeling “ is more justified.

If you are not comfortable or feel threatened doing a business transaction with another party in s public setting - walk away.

Don’t mention a passenger in your vehicle has a gun.


Jim

Your continuing to press your point is irritating and intimidating. My friend Ryan in the backseat is my equalizer today.

[tubman]

"trulyvintage" - I'm with you. There is too much of this of this "Rambo" BS going around these days. Hopefully, this thread will get shut down, as there is plenty of information about this on this forum and others, and this thread has deteriorated to the point where it is useless.

[My Old Tools]

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Originally Posted by 34pickup

Are you serious? Sounds like you were raised in "snowflake" country.

☺

He probably doesn't realize that down here we actually have the right to carry.

Bank wire transfer is safe for both parties. I had an out of state buyer for my mom's car. His banker/loan officer called me. I gave him the routing information. They drove in and met at the credit union, looked at the car and drove it. Called the banker and initiated the transfer. My credit union was watching for it and notified us when it cleared. The credit union then notarized the paperwork.

[34pickup]

Has anyone ever had Uncle Sam come after you wanting income tax on the proceeds of a car/truck? I know he is informed of anything over 10K and I often wondered if the seller of a high value vehicle ever had the tax man wanting a cut of it. Its not really profit in most cases. I don't think I ever made money when selling a car, just break even in most cases when you figure in the time, labor and parts.

[petehoovie]

Originally Posted by 34pickup

Has anyone ever had Uncle Sam come after you wanting income tax on the proceeds of a car/truck? I know he is informed of anything over 10K and I often wondered if the seller of a high value vehicle ever had the tax man wanting a cut of it. Its not really profit in most cases. I don't think I ever made money when selling a car, just break even in most cases when you figure in the time, labor and parts.

CASH withdrawals and deposits in excess of $10,000.00 are what flags the IRS. Banks are mandated under law to report these $10K cash transactions....

[VeryTangled]

Withdraw/deposit it in 5K chunks over consecutive days and you're avoiding the flags, I think. When I needed 12K cash, I went to the bank on three days pulling funds. One of my branches let me do 4K per day, but I used a different branch for the last withdraw, and they limited me to 3K. I learned I should ask a lot of questions and not make assumptions. Good thing the last 100$ was already onboard.

[petehoovie]

Bank Secrecy Act & Compliance - The $10, 000 Rule

The Rule states that any person who receives more than $10,000 in a single cash transaction, or a series of cash transactions, must report the exchange to the IRS. This includes businesses as well as individuals who engage in a transaction that results in the transfer of cash so long as the payment:

1. Is over $10,000
2. Received as:
   • A lump some over $10k
   • Two or more related payments in excess of 10K (combined)
   • Payments received as part of a single transaction (or two or more related transactions) that exceed 10K in a 12-month period.
3. Received in the course of trade or business
4. From the same person (payer)
5. Received in a single transaction or two or more related transactions.

See > https://blog.fraudfighter.com/bid/80...he-10-000-Rule

[Yoyodyne]

Originally Posted by petehoovie

Bank Secrecy Act & Compliance - The $10, 000 Rule

The Rule states that any person who receives more than $10,000 in a single cash transaction, or a series of cash transactions, must report the exchange to the IRS. This includes businesses as well as individuals who engage in a transaction that results in the transfer of cash so long as the payment:

1. Is over $10,000
2. Received as:
   • A lump some over $10k
   • Two or more related payments in excess of 10K (combined)
   • Payments received as part of a single transaction (or two or more related transactions) that exceed 10K in a 12-month period.
3. Received in the course of trade or business
4. From the same person (payer)
5. Received in a single transaction or two or more related transactions.

See > https://blog.fraudfighter.com/bid/80...he-10-000-Rule

^^^^This. It's called "structured transactions" and it's getting quite serious. Used to be that there had to be an underlying illegal activity for the law to apply, now it's a simple arithmetic problem, >$10K in a year is a crime. Restaurant owners are getting hit with it for depositing their cash proceeds without filing the form.



Carrying cash is a problem. Travelers are getting liberated of their cash by law enforcement under "civil forfeiture" laws, and it usually costs more to get it back than the cash adds up to. IF you get any of it back. Google it for an explanation, it's scary.



On my last trip to buy a vehicle a month ago was only $4K, I took an 'Official Check" from a bank. Often called a Bank Check or teller's check. We had already agreed on the price so I took a check for the full amount. It cost $10 at the teller's window. If you want to be able to negotiate, you can take multiple official checks, or a check and a smaller amount of cash. The funds for Official checks are withdrawn from your account when you buy it. If you lose or destroy the check, I understand that you can get it back, but I'm not sure how difficult that is. The seller can call the issuing bank to verify that it's not a counterfeit and is actually good if he desires. After the buyer deposits it, your bank can print out an image of the cancelled check to prove that it was accepted, if you need it for bookkeeping or tax records.



Wire transfers aren't very expensive, incoming wires from overseas cost me $18 from my bank, and another $25 that gets taken out by an intermediary bank somewhere. I accept them because it's less than credit card fees (3%) for larger amounts. Sending has a fee too, varies from bank to bank. I was surprised that the last one I sent, was to Spain a few years ago, cost me over $90 for a ~$1500 wire. And it took a week to get there. I left that bank because they quoted me $45 then said "Oh by the way there are also these fees you have to pay". I'm looking into a less expensive way to make and receive wires, the branch manager told me last week that the business dept could set something up if I use them frequently, I haven't heard from them yet.


I paid one seller by Paypal, but that costs the receiver 3%.

[JSeery]

There was a politician that was brought up on charges not to long ago for multiple withdrawals over several days. He was attempting to get around the reporting requirement.

[34pickup]

Well, $10,000 ain't what it used to be. A junker can cost nearly that much now.