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Boat Sold...How To Arrange Payment?

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Old 04-07-2006, 11:47 AM
  #21
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Default Re: Boat Sold...How To Arrange Payment?

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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
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Old 04-07-2006, 12:55 PM
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Default 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.
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Old 04-07-2006, 01:00 PM
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Default 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.
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Old 04-08-2006, 09:11 AM
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Default 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.
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Old 04-08-2006, 12:01 PM
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Default 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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