Offshoreonly.com - Boat Sold...How To Arrange Payment?

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- - Boat Sold...How To Arrange Payment? (https://www.offshoreonly.com/forums/general-boating-discussion/126871-boat-sold-how-arrange-payment.html)

cgarrett

04-07-2006 10:47 AM

Re: Boat Sold...How To Arrange Payment?

Quote:

Originally Posted by cig1988

Does'nt the bank report deposits of more than $10K? I hate to sound dumb but how do you prove no profit was made on a sale when tax time comes?

In the sale of the motorcycle above, the bank made ME sign a paper for the IRS because the transaction was over 10k in cash.
I think this was a bunch of bull because I did not have the cash, the buyer did and he should have to explain where he got the money not me.

Cordell

David

04-07-2006 11:55 AM

Re: Boat Sold...How To Arrange Payment?

Banks used to report CASH transactions over 10K. I have made deposits of over 50K by check without any questions asked. I also deposited a 32K check in the ATM at my bank without any issues.

rainmn

04-07-2006 12:00 PM

Re: Boat Sold...How To Arrange Payment?

In the transaction I described above, the amount that came to me after payoff was over $10K. I heard nothing about it from anyone.

duunoit

04-08-2006 08:11 AM

Re: Boat Sold...How To Arrange Payment?

Quote:

Originally Posted by cig1988

Does'nt the bank report deposits of more than $10K? I hate to sound dumb but how do you prove no profit was made on a sale when tax time comes?

I believe this is required for the PATRIOT Act, not the IRS.

enticer

04-08-2006 11:01 AM

Re: Boat Sold...How To Arrange Payment?

Quote:

Originally Posted by David

Banks used to report CASH transactions over 10K. I have made deposits of over 50K by check without any questions asked. I also deposited a 32K check in the ATM at my bank without any issues.

No, the Feds do not come to your house nor call you.... it is on the NSA computer...so when or if you are under investigation it will come up

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