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Old 08-11-2012, 08:54 PM   #1
Mil
 
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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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Old 08-11-2012, 09:04 PM   #2
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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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Old 08-11-2012, 09:05 PM   #3
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This just has trouble written all over it.
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Old 08-11-2012, 09:07 PM   #4
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huh?
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Old 08-11-2012, 09:25 PM   #5
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Quote:
Originally Posted by SlingShot View Post
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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Old 08-11-2012, 09:28 PM   #6
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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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Old 08-11-2012, 10:24 PM   #7
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Paid cash $63.543 - 2000 down balance $61.543 and No problems
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Old 08-11-2012, 11:00 PM   #8
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Paid cash $63.543 - 2000 down balance $61.543 and No problems
It won't be a problem as long as you can account for where it came from.
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Old 08-11-2012, 11:15 PM   #9
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cash money
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Old 08-11-2012, 11:39 PM   #10
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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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Old 08-11-2012, 11:42 PM   #11
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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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Old 08-11-2012, 11:58 PM   #12
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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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Old 08-12-2012, 12:11 AM   #13
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Quote:
Originally Posted by gmgdave View Post
I made the following withdrawals from my bank in last year, 40K, 95K, 61K, no issues with IRS.
The money is in your bank and tracked accordingly. The comment Gunny made was if you came into a bank out of the blue with a ton of cash and requested a cashier's check. It would be investigated for money laundering.
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Old 08-12-2012, 12:32 AM   #14
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appe hye ek?
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