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Old 10-26-2021, 10:12 PM   #81
dean from bozeman
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Default Re: Accepting cash for car sale

Cash and especially large sums of cash can make many folks do things that they will regret later.

A bunch of my college friends and I purchased some land. We held on to it for a few years and then put it up for sale. We were offered a crazy amount for it. Cash! They did ask for a receipt that said that they paid considerably less so they wouldn't need to pay taxes. Some in our group said 'Take the money and run'. However, dealing with laundered money means you can run but you can't hide. We said 'No thank you'.

If a person wants something of yours then the deal (in cash) is best done at a bank. If they really want it, they can wait until the bank opens.

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Old 10-27-2021, 01:26 PM   #82
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Default Re: Accepting cash for car sale

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I hope I can come here to learn about old Fords, and not have English lessons. Blue collar worker all my life, forgot most of what they taught me 60 years ago in school, and dont care. I speak hillbilly just fine, and most folks understand it
My gosh, I pray I never get to the day I no longer care to expand my knowledge. Sad, very sad...
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Old 10-27-2021, 04:01 PM   #83
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Default Re: Accepting cash for car sale

I totally agree Kube, " bad day when you don't learn something new", is one of my favorite old sayings. But... I still don't feel I need to get grammar lessons on the Fordbarn
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Old 10-27-2021, 04:37 PM   #84
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There is poor grammar and bad grammar. I can live with poor grammar, but bad grammar just confuses the issue.
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Old 10-27-2021, 04:40 PM   #85
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I always wonder why?





its the ferrari of nissans with very low production............. they were expensive new
and the youngsters love them as much as you love your A's.


Dean, there are 2 sides to that coin........ when a model A sells 34 times in its life, must one always pay tax to the state for full price? a rhetorical question that I just happened to circumvent this afternoon myself.........
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Old 10-27-2021, 04:50 PM   #86
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Just think how much tax revenue a lone dollar bill makes in its lifetime!
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Old 10-27-2021, 05:11 PM   #87
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Default Re: Accepting cash for car sale

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I totally agree Kube, " bad day when you don't learn something new", is one of my favorite old sayings. But... I still don't feel I need to get grammar lessons on the Fordbarn
With due respect, I must disagree. Knowledge comes often from the most surprising of places.
It never occurred to me to "filter" what I learn, from where and when.
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Old 10-27-2021, 08:21 PM   #88
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With due respect, I must disagree. Knowledge comes often from the most surprising of places.
It never occurred to me to "filter" what I learn, from where and when.
Now THAT is an interesting concept ("filtering" what and where I learn), a concept which never crossed my mind. In other words, deciding to come HERE for some old Ford learnin', but I'll be damned if anyone's gonna show me how confusing my continued use of "dangling participles" can be! If my participles ever do dangle, I MAY not enjoy having them pointed-out to me, but to ignore what is obvious to the intelligent masses is being closed-minded (what I refer to as "conveniently-ignorant") on my part. But what do I know? DD
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Old 10-27-2021, 09:58 PM   #89
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Default Re: Accepting cash for car sale

Insufficiently educated, my participles dangled happily in my youth. Cute girls don’t care how they hang now, so they don’t get out much anymore.
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Old 10-28-2021, 12:20 AM   #90
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Default Re: Accepting cash for car sale

Lots of "learnin' goin on in this thread, most of it off topic. I'm ok with that, I like the off topic stuff to keep the forum interesting. First we learned about cash transactions, then other banking methods, and then some IRS info too. then, we veered off to the value of an old accura, which certainly surprised me, and I'm sure most of us old ford guys. It certainly is a sexy lookin thing, reminds me of a Ford GT 40, which I have loved the look ever since they were new. so, I have learned a lot on this thread, until it went even more off coarse, and got to insulting members about they're posts, which, ...yes, I filtered that out as useless knowledge. I was happy with the support, and thought we could get passed all the nonsence, but then it had to brought up again. Boy, that accura sure is a fine lookin car
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Old 10-28-2021, 12:49 AM   #91
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Default Re: Accepting cash for car sale

cas3, right on point. I'll take cash any day as long as I know where to find the giver if I need to.
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Old 10-29-2021, 01:06 AM   #92
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Cas don't forget the mention of Bitcoin. The international of shady shit. The new currency official of El Salvador. I don't like to say anything bad about El Salvador as my adopted 3 yr old sister was from there (she pasted here when she was 17 in a car accident. miss her greatly).


Hope I didn't spell anything wrong or my "grammer".


I realize grammar is spelled wrong, but that should add at least another page of nonsense about nothing that matters.... really it's quite myopic.

Last edited by Tinker; 10-29-2021 at 01:43 AM.
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Old 10-29-2021, 02:29 AM   #93
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Default Re: Accepting cash for car sale

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Dean, there are 2 sides to that coin........ when a model A sells 34 times in its life, must one always pay tax to the state for full price? a rhetorical question that I just happened to circumvent this afternoon myself.........

I have always thought this also. It's a sale between individuals. But shouldn't the tax be limited to the person that made adjusted "profit" at the very least (double taxation). Things do appreciate in value. As an individual we can't write off a purchase of an asset. When we sell it, its not just a sale. If you bought it under a LLC you could write a lot of the profit off creatively ((like storage, upkeep, ect) if all is under the umbrella of the llc), much more protect for companies then the individual here. But anyone can create a LLC if you pay the registration and file the taxes. It's not wrong. Personally as an individual it would be a gain and claimed or not claimed income to the seller. Not to the purchaser. But then there is always tax, tag, and title. Probably just a lawyer and judicial arena for someone that has deep pockets. SEMA has done a good job in that area for aftermarket parts and old cars. The irs is backlogged to around 2016, but they have a memory and the paperwork.



If i was selling duck boat for 900$ cash I might be okay with it. 90k in cash will be hard to explain.


Probably best to ask your accountant or H&R block and not here. What we think is right may not be the law. No matter how f'd it might seem.

Last edited by Tinker; 10-29-2021 at 03:19 AM.
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Old 10-29-2021, 03:05 AM   #94
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Default Re: Accepting cash for car sale

Tinker, you’re making some purty good cents now.
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Old 10-29-2021, 03:25 AM   #95
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Keep it above board the best you can and you'll probably have no worries.
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Old 10-31-2021, 10:02 AM   #96
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Lightbulb Re: Accepting cash for car sale

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Originally Posted by mrtexas View Post
Had a very interesting experience tonight Friday night at 8pm trying selling an expensive car, not a Ford v8 BTW but still a collector's car. A guy drove 300 miles to my house and we agreed on a sales price of $87,500, about 20% more than I paid a year ago. He then wanted to hand me cash and take the title and the car right on the spot.

I told him I wasn't comfortable taking $87,500 cash (at night from someone I don't know). I said I'd gladly accept cash delivered to my credit union(counted and verified by them) during business hours.

The guy brought an experienced mechanic with him and he inspected the car up on my lift and I learned a few things about the car I didn't know.

I don't know what to think about where all that cash came from.

What do you think?
You agreed to the meeting time and place.

The prospective buyer brought a mechanic to check
out the car along with the cash to buy it.

Where he got the cash is none of your business.


Jim
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Old 10-31-2021, 11:06 AM   #97
J Franklin
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You agreed to the meeting time and place.

The prospective buyer brought a mechanic to check
out the car along with the cash to buy it.

Where he got the cash is none of your business.


Jim
Really the only thing to worry a seller is what is offered. Is it cash or printed paper? This is where the bank can help.
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Old 10-31-2021, 01:45 PM   #98
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Lightbulb Re: Accepting cash for car sale

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Really the only thing to worry a seller is what is offered. Is it cash or printed paper? This is where the bank can help.
Then the Seller should have set the meeting at the bank
if accepting cash was a concern.

A prospective buyer would be more likely to
try and pay with a forged cashiers check
than counterfeit money.

The Seller agreed to the time & place
for a prospective buyer who drove
300 miles ….


Jim
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Old 11-02-2021, 09:07 AM   #99
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Default Re: Accepting cash for car sale

Not sure if itís been covered as scanning thru this thread is like reading War & Peace, LOL. The seller knew he was looking for a large $ number, as the 87,000 @ night offered more potential for counterfeit or fowl play later in the evening, why set the meeting up that late. During business hours should have been Ďthe obviousí, offering a higher degree of security & more choices that didnít exist @ 8pm.
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Old 11-02-2021, 11:45 AM   #100
J Franklin
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Not sure if itís been covered as scanning thru this thread is like reading War & Peace, LOL. The seller knew he was looking for a large $ number, as the 87,000 @ night offered more potential for counterfeit or fowl play later in the evening, why set the meeting up that late. During business hours should have been Ďthe obviousí, offering a higher degree of security & more choices that didnít exist @ 8pm.
Now you're bringing logic into this. Shame on you!
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