Transfer of Large Amounts of Funds?

[kwhizz]

I would just send my Wifes purse UPS Next Day Air....Tell the seller to take out what we agreed upon and send back the rest ......... Sometimes she doesn't know it was gone..........LOL

Ken

[Xplantdad]

[ QUOTE ]
I would just send my Wifes purse UPS Next Day Air....Tell the seller to take out what we agreed upon and send back the rest ......... Sometimes she doesn't know it was gone..........LOL

Ken

[/ QUOTE ]




So that explains that black purse that was sent to me..I didn't know what you were implying

[kwhizz]

[ QUOTE ]
[ QUOTE ]
I would just send my Wifes purse UPS Next Day Air....Tell the seller to take out what we agreed upon and send back the rest ......... Sometimes she doesn't know it was gone..........LOL

Ken

[/ QUOTE ]




So that explains that black purse that was sent to me..I didn't know what you were implying

[/ QUOTE ]




Ken

[ORIGLS6]

Does she have any sisters?

Not that I'm looking or anything, but .................................................. .................................................. .................................................. ......................................... Does she?

[Xplantdad]

Hey...I'd bring it back to reunion...but they might look at me *funny* going through the security area

See you guys in 13 days...not that I'm counting or anything.

[SuperNovaSS]

The bank told me the amount they report fluxuates on a weekly basis. Just because you don't have to fill out a form does not mean they are not reporting your account fluxuations.


Jason

[chads454Ls6]

[ QUOTE ]
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

[/ QUOTE ]
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!

[JChlupsa]

Never have had any problems, the "C" note i send now and then to my sis for powerball tickets is only tracked by www.wheresgeorge.com

[firstgenaddict]

If you restore the car yourself do you have to claim the difference between buy and sell price as capital gains (minus expenses) What about your own labor can you only deduct it if you own a restoration shop?

Just wondering about tax implications of all this money floating around...

[Keith Tedford]

I bought our COPO Chevelle new. I guess I will just restore the car and drive it. I'll be damned if I will do all the work of restoring the car then give half the profit to the government. Capital gains tax up here is about 50 percent and they didn't lift a finger. I'm the one with the dirt in the eye, sweat, cuts and gouges. Makes the choice easy.