topic Re: Car down payment in Auto Loans

Car down payment

Anonymous — Fri, 24 Jul 2009 03:24:14 GMT

i want to buy a car for about $60,000 and i want to put down $20,000 will they report me to the IRS if i do?

Re: Car down payment

Anonymous — Fri, 24 Jul 2009 13:36:13 GMT

I've heard if you give them 10k or more in cash they will.. not sure about 20k check.... just what I've heard.

Re: Car down payment

Anonymous — Fri, 24 Jul 2009 15:13:18 GMT

The law requires that trades and businesses report cash payments of more than $10,000 to the federal government by filing IRS/FinCEN Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business (See Exhibit 1, Form 8300).
Transactions that require Form 8300 include, but are not limited to:

Escrow arrangement contributions
Pre-existing debt payments
Negotiable instrument purchases
Reimbursement of expenses
Making or repaying a loan
Sale of goods/services
Sale of real property
Sale of intangible property
Rental of real or personal property
Exchange of cash for other cash
Custodial trust contributions

The information contained in the form assists law enforcement in its anti-money laundering efforts. When businesses comply with the reporting laws they provide authorities with an audit trail to stop tax evasion, drug dealing, terrorist financing, and other criminal activities

From IRS website

Re: Car down payment

Anonymous — Sun, 26 Jul 2009 03:52:51 GMT

If it is legal money why do you care?

Re: Car down payment

Anonymous — Wed, 29 Jul 2009 02:39:22 GMT

@Anonymous wrote:
If it is legal money why do you care?

I think the answer to this should be obvious

Re: Car down payment

GregB — Wed, 29 Jul 2009 17:19:12 GMT

The law applies to cash.