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08-11-2012, 08:54 PM
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#1 |
 Drives: 2013 Victory Red w/ automatic #671 Join Date: Jun 2012
Location: The Bat Cave
Posts: 247
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Paying out right cash for ZL1 (question?)
hello,
My first question is has anyone purchased their ZL1 out right with cash? 2nd question, If I am purchasing with borrowed cash from the bank of family and friends;; will I have to worry about being harrassed by the IRS?? Obviously I don't plan to walk in with over 60k in cash on hand; I plan to get a cashiers check and maybe pay the remaining balance for tax and tags on a credit card. |
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08-11-2012, 09:04 PM
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#2 |
           
Drives: 2012 ZL1 - #670 Join Date: Jun 2009
Location: Seminole, Fl.
Posts: 8,009
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First off, don't borrow money from friends and family because that never turns out good. Also it will raise a red flag with the IRS when you take $60k into a bank for a check.
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08-11-2012, 09:05 PM
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#3 |
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Account Suspended
Drives: 89 IROC 350 Join Date: Mar 2009
Location: Back roads, southern Ohio
Posts: 12,504
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This just has trouble written all over it.
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08-11-2012, 09:07 PM
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#4 |
 
Drives: 2011 Z06, 2004 Cobra, 1991 MR2Turbo Join Date: Dec 2011
Location: Delaware
Posts: 472
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huh?
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08-11-2012, 09:25 PM
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#5 | |
Drives: 2015 ZO6 3LZ Stage 2 A8 Join Date: Nov 2010
Location: La plata MD
Posts: 2,299
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08-11-2012, 09:28 PM
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#6 |
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Da WHALE
Drives: 2014 Stingray, 2015 Panamera 4 Join Date: Dec 2011
Location: Oceanside, Ca - Originally from KCMO
Posts: 8,878
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Any cash transaction with a bank/vendor/store/dealership etc over $10,000 has to be reported to the IRS. Just take $9,999 in there six times...you'll be ok. They may even cut you a discount on the markup. LoL
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Project MantaRay...Underway
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08-11-2012, 10:24 PM
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#7 |
 Drives: ZL1, ,GMC Z71 ,TJ Join Date: Oct 2011
Location: So Cal
Posts: 120
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Paid cash $63.543 - 2000 down balance $61.543 and No problems
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08-11-2012, 11:00 PM
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#8 | |
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Drives: 2012 ZL1 - #670 Join Date: Jun 2009
Location: Seminole, Fl.
Posts: 8,009
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Quote:
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08-11-2012, 11:15 PM
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#9 |
       
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cash money
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Jannetty Racing JRE Street Package
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08-11-2012, 11:39 PM
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#10 |
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BAD ZL1
Drives: 2013 VIN 48 Victory Red ZL1! Join Date: Jan 2012
Location: California
Posts: 707
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Borrowed money from friends, family and credit cards to buy a ZL1 just sounds like a disaster waiting to happen. I opted for the old fashion way of working tons of OT, saving my money for years and placing a down of 2/3 total cost. Financed the rest.
Do I have to report to the IRS that I put down 42.5k? If so, why? It came from my savings account at my bank....sorry to jack the thread. |
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08-11-2012, 11:42 PM
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#11 |
Drives: 12 ZL1 & 08 Suzuki Boulevard C50 Join Date: Oct 2011
Location: Ocean Shores, WA
Posts: 406
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I made the following withdrawals from my bank in last year, 40K, 95K, 61K, no issues with IRS.
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2012 ZL1 - #413 - IOM - Mods; Exhaust Commander. GMG Third Brake Light Pulsar, Tinted Windows, color matched Engine cover, ZL1 Floor Mats
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08-11-2012, 11:58 PM
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#12 |
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Drives: 2011 Summit White 2LS Join Date: Jun 2011
Location: Los Angeles
Posts: 918
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You should have no issue if its in the form of the check. If you walk in with 65k in cash then yes, expect the IRS to be doing some money laundering investigations.
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08-12-2012, 12:11 AM
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#13 | |
Drives: 2017 1SS 1LE - Hyper Blue, P85DL Join Date: Jul 2011
Location: East Bay
Posts: 2,189
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08-12-2012, 12:32 AM
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#14 |
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appe hye ek?
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