Boat Sold...How To Arrange Payment?
04-07-2006, 10:47 AM
#21
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Re: Boat Sold...How To Arrange Payment?
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 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
04-07-2006, 11:55 AM
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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.
04-07-2006, 12:00 PM
#23
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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.
04-08-2006, 08:11 AM
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Re: Boat Sold...How To Arrange Payment?
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.
04-08-2006, 11:01 AM
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Re: Boat Sold...How To Arrange Payment?
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.
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