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I think times are changing and large deposits/withdrawls are attracting a lot of attention. Tax evasion is a serious charge (at least it is up here in Canada) and getting caught at the border can get your car confiscated and not returned! I wire transfer funds and pay full tax when I register the car, it's just not worth it for me to take a chance for a few thousand dollars. And yes, I also claimed the profits that I made last year on my tax return - again, it's not worth taking the chance. If you ever get audited, and it's just a matter of time if you make a decent living, how are you going to explain that 6 figure deposit make to your bank account??? Car profits are taxed at capital gains rates minus expenses etc. so it really isn't that bad if you keep good records. Cash used to be the way to go, but we weren't talking about 6 figure cars back then
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I agree. Eventualy,The state and federal government will be linked together,so that when you transfer a title and say you paid $5000.00 for a car,and really paid $50.000.00 for a car,and then you sell the car for say $75.000.00,and do not claim the difference,you will be in serious trouble! Luckily in Minnesota,if you put collector plates on a car when you transfer the title,it is a flat 90 dollar fee instead of 7% of the sale of the car so that makes it a little easier to deal with. As a prominent member of this board who went through an audit once told me,always Make sure your paperwork is covered in all your transactions you do. Meaning,if you get audited you better be able to explain a 50k deposit or a wire transfer 3 years ago!