I try to borrow money from friends,so i dont have to pay any interest to the dealership or the bank. my friends are going to give me the cashier's check, so i can pay with them. Well, from what i heard, if you pay more than $9000, the dealership will have to report us to the IRS.
So I am just wondering, if i borrow the money from my friend and they give the the cashier's checks, are they still going to report me to IRS???????
thank you very much guys.
2007-09-17 09:57:51 · 8 answers · asked by Green 1 in Cars & Transportation ➔ Buying & Selling
YES, they will report it. any cash transaction that big has to be reported. sorry, its the law.
2007-09-17 10:10:46 · answer #1 · answered by chevy_man_rob 5 · 0⤊ 0⤋
All large currency transactions (for example buying a cashiers check) are reported. But you aren't doing anything wrong by purchasing the car. You'll be paying you friend back, you I'd have to assume you'll have some sort of proof of this, such as cashed checks or a written agreement, etc should you ever be questioned.
2007-09-17 14:56:46 · answer #2 · answered by ShouldBeWorking 6 · 0⤊ 0⤋
It's CASH they would report, not checks. If you show up at the dealership with 10k in 100 dollar bills, they will report you. If you write them a check for 10k, no problem. And BTW, do not tell the dealer you are paying cash, they make kick backs on financing, trade ins, etc. Show up in your car and if they ask if you are trading it in, tell them you are considering it. If they ask what you want your payments to be tell them you haven't decided how much you are going to finance. But DO NOT LET THEM RUN YOUR CREDIT!!Once you negotiate the best price you can get and are in the finance office at that point, write them a check or money order.
2007-09-17 10:15:18 · answer #3 · answered by smf_hi 4 · 1⤊ 1⤋
I don't think the dealership cares where the money comes from.
How you get in trouble with the IRS is if someone suggests to them that you are living above your means. This is a common way that drug dealers get busted. A guy who reports maybe $20K a year in income on his 1040 is driving a Porsche and lives in a nice house - how'd he do dat?
2007-09-17 10:04:36 · answer #4 · answered by Fester Frump 7 · 1⤊ 1⤋
Any single cash transaction of $10,000 or more or aggregate transactions of $10,000 or more over a short period of time is reported to the Treasury Department. There's no way around that requirement.
2007-09-17 10:30:09 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I don't know where your from so I cant really be specific for your area.
But I will tell you in my area I sold a corvette years back $40.000 and the buyer wanted to pay cash in $20. bills, I informed him that any transaction in cash over $ 7500. has to be reported.
where there is a will there is a loop hole and the dealership I worked for took several deposits over several days under $ 7500. and to this day no problems.
2007-09-17 10:37:32 · answer #6 · answered by Anonymous · 0⤊ 3⤋
Probably will. So, buy a car from a person & not a dealer.
2007-09-17 10:02:21 · answer #7 · answered by mrsdebra1966 7 · 0⤊ 1⤋
no and you better renegotiate ,, dealers will give u better deal for paying in cash
2007-09-17 10:03:30 · answer #8 · answered by Anonymous · 0⤊ 3⤋