Community Forums

wnytaxman · 11-25-2016, 11:36 AM

Be aware that when you either withdraw or deposit $10,000 or more in cash, the bank is required to report your name, address and social security number to the IRS. That may or may not be an issue for you, but it is a legal requirement.

LETMGROW · 11-25-2016, 12:23 PM

I would want to check the MH out as well as the seller long before I strolled into a strange neighborhood with a pocket full of cash. I would request seeing the title to assure there are no liens against the unit. I would also want to see picture ID from the seller. It is possible to fake a title. Not all bad guys are stupid.
Only after I was satisfied the transaction was completely legit would I start handling cash. The best place to do this would be a bank.
Lynn

Hit_the_Rhod · 11-26-2016, 06:47 AM

Quote:

Originally Posted by wnytaxman

Be aware that when you either withdraw or deposit $10,000 or more in cash, the bank is required to report your name, address and social security number to the IRS. That may or may not be an issue for you, but it is a legal requirement.

Yep, and if the IRS came calling, I would point to the RV and a bill of sale and ask "any more questions?"

Patti Brown · 11-26-2016, 10:23 AM

When we bought our Class C, we met the seller at our bank where he watched as we procured the cashier's check. We left (cashier's check was still in our possession) and met at the DMV office, where he signed title transfer and after all that paperwork was finished, we handed him the cashier's check and he handed us the keys to the RV. That's as close to a "cash" transaction as I would be willing to go.

OB-One · 11-26-2016, 10:44 AM

When we sold our MH we had the buyer's bank contact our bank. Buyer's bank sent a cashier's check to our bank that could not be cashed until the buyer showed up in person and authorized payment.

We met the buyer at parking lot near our bank. The buyer spent about 6-hours inspecting and driving the coach and then agreed to proceed with the purchase. We went into the bank, completed the paperwork and handed the new owner the keys and completed Bill of Sale.

Stripe34 · 11-26-2016, 11:00 AM

These are all excellent approaches!

Last vehicle I sold was a truck, in Ohio. We met at buyers bank branch. He examined truck there and agreed to buy it. We went inside and Bank Officer notarized our signature on the title and bill of sale. He also supervised electronic transfer of $15k (or whatever : over 10k) directly from buyer's bank account to mine. I called my bank and was able to verify funds had cleared, and sellers bank officer also verified the amount was debited from his account. Buyer never saw my bank Acct data and I never saw his.

His state and mine both allow transport of sold vehicle with just bill of sale and notarized title (not all states do), so he was able to drive it straight home for registration and plates (no temp tag expense).

hdossett · 11-26-2016, 11:24 AM

On the seller end, when I sold my Yukon ($13K) a few years ago the buyer and I went to a branch of his bank and he ask for cash in the full amount from the teller. That amount exceeded their daily "cash withdrawal limit". The teller ask if I would accept $5K cash and the balance in a "bank" check. I told her the full amount in the form of of check was fine and she commented that the "check was good" to which I replied, "I know, besides, I know where you work!"

The buyer held the check until we had the title notarized and then the check and keys were exchanged.

Later, on the buyer end, the seller and I exchanged title/keys and a bank check while actually in the bank's branch office where there was a notary available.

When dealing with large sums of money and items such as vehicles, trust has very little to do with it, you just do what needs to be done to protect both parties.

H