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Being Canadian, I have no idea what the IRS has to do with selling personal cars, so maybe some of you can help me out. I have been trying to put a deal together on a super nice '67 Z-28. We agreed on a price yesterday and started talking about payment and the owner seemed really concerned about the IRS knowing how much he sold the car for??? What does the IRS have to do with selling a personal car? This guy is not in the business and has owned the car for years, so if he's making a profit, does the IRS really care? Thanks for any help you can provide. I like nice, simple car deals and this one is getting a little too complicated
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I would guess this is one of those double bill of sale deals, One for the actual amount you are paying, probably 35K+ and one for the IRS for $3,000.00 (the title just shows an old 67 camaro)..Remember this though, the IRS is not stupid, some of those agents do collect cars and they know what they are worth. I think Kevin Suydams ZL-1 Vette was originally owned by an IRS agent...Sounds like the guy has had some tax problems or maybe even a child support thing or attached wages...otherwise the full sale with the tax really wont amount to much..the guy should talk to an accountant, he will learn alot...being sneaky always catches up with you...I wonder if the IRS monitors these boards...Ill bet they do..1 to 2 hundred thousand dollar cars changing hands and being discussed here all the time...Big Brother is watching. They always have been and they always will be...
JMHO
Sam