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re: Cash transaction for a car, do I have to get it registered and pay sales tax?
Posted on 7/31/18 at 1:36 pm to keakar
Posted on 7/31/18 at 1:36 pm to keakar
quote:
frickin big brother is watching everything you do now, even deposits of more then $1k cash to your bank you will get reported to the police to investigate you for suspicion of "possible" illegal criminal activity
Unless this changed recently, it's deposits of 10k, not 1k.
1
Posted on 7/31/18 at 1:38 pm to jbgleason
quote:
if you buy a FRAME of a car that has a VIN you are required to register it and pay. I quit asking questions after she hit me with that one. Complete bullshite. They are all about getting that cash
Would actually work in your favor. You could severely underestimate the value on initial registration then get a non-use permit.
Posted on 7/31/18 at 1:39 pm to N2cars
quote:
the good news is parts are cheap and plentiful.
Well, some of them are
Good to see you back vetteguy.
Posted on 7/31/18 at 1:41 pm to Traveler
quote:
Well, some of them are
True.
I hope JB is sitting down when he gets a quote on paintwork.
He might have to move ol' Fran into the guest house.
Thanks man.
Posted on 7/31/18 at 1:46 pm to N2cars
quote:
quote on paintwork
Saving the body for last. I figure if I get the mechanical done and the interior done, I can always sell it to some unsuspecting guy who always wanted a Vette.
"It's 90% done man, just get a paint job."
Posted on 7/31/18 at 1:46 pm to jbgleason
Jb is correct. I had an old mustang sitting in my garage for years. I had to get an old registration from Alabama (pain in the arse), and insure it before I could register, title and tag it in Louisiana.
I lied about the amount of time it had been in state to avoid fees.
I don’t know why the notary says that. I think she is incorrect.
I lied about the amount of time it had been in state to avoid fees.
I don’t know why the notary says that. I think she is incorrect.
This post was edited on 7/31/18 at 1:47 pm
Posted on 7/31/18 at 1:48 pm to keakar
quote:
frickin big brother is watching everything you do now, even deposits of more then $1k cash to your bank you will get reported to the police to investigate you for suspicion of "possible" illegal criminal activity
This is not correct and for the record the It's can see all of your banking transactions.
Posted on 7/31/18 at 1:49 pm to jbgleason
quote:
"It's 90% done man, just get a paint job."
Well, you won't be lying.
4 spd with AC will always bring good money.
Posted on 7/31/18 at 2:11 pm to Epic Cajun
quote:
Unless this changed recently, it's deposits of 10k, not 1k.
nope its $10k or higher purchases in cash
any cash transactions at your bank of $1k or more in cash are reported to police as a matter of routine. its rarely ever followed up on unless they see a pattern of unexplained income (IE maybe you are a drug dealer)
my sister and cousin both work at the bank and told me this was SOP and they get reprimanded if they dont
Posted on 7/31/18 at 2:12 pm to toosleaux
quote:
Been a long time since I have done this but I was told by the fricking notary that I MUST register my vehicle and pay sales tax on it for her to notarize the bill of sale. All I want to do is buy a little shite car from a guy, put it in my garage, and tinker on it. It's probably 2 years from being road worthy. Just a money grab by this bitch, right? I suppose one option would be to not notarize the bill of sale but then it won't be valid when I do want to register the car a couple years down the road.
You have 40 days from the date of purchase to pay the taxes or you'll owe penalties and interest. Its not much if its a cheap car. Once you pay that you have the option to not receive a plate which will mean you don't need to carry insurance. If you get a plate you better have liability insurance on it though.
Posted on 7/31/18 at 2:17 pm to toosleaux
quote:
fricking notary that I MUST register my vehicle and pay sales tax on it for her to notarize the bill of sale.
Notary is jerking you around. Tell him/her they are attesting to the fact that you are who you say you are and the seller is who he says he is. Whether or not you register the vehicle or pay sales tax is irrelevant to the notary’s role.
Posted on 7/31/18 at 2:29 pm to keakar
quote:
any cash transactions at your bank of $1k or more in cash are reported to police as a matter of routine. its rarely ever followed up on unless they see a pattern of unexplained income (IE maybe you are a drug dealer)
my sister and cousin both work at the bank and told me this was SOP and they get reprimanded if they dont
They are only required to report cash deposits of 10k or more, or several smaller deposits could also raise alarms.
Posted on 7/31/18 at 2:30 pm to toosleaux
Whatever amount is on the title/bill of sale, is the amount that will be taxed (wink wink)
Dont go too low though, they'll catch you
Dont go too low though, they'll catch you
Posted on 7/31/18 at 2:37 pm to keakar
quote:
you "only" need to register it and get it licensed when you are ready to put it on the road
she is most likely just ignorant because she doesnt make any extra money from making you get it registered, the dmv gets that money not her.
also if its a large cash transaction it must be reported to the IRS so they can investigate if you are a drug dealer laundering cash. im not kidding at all here, when i bought my suv for $11k cash thats what the dealer had to do and i got a letter telling me i was deemed by them to not be a crminal enterprise trying to launder money
frickin big brother is watching everything you do now, even deposits of more then $1k cash to your bank you will get reported to the police to investigate you for suspicion of "possible" illegal criminal activity
Impressively, almost everything in this post is incorrect.
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