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Old November 1st, 2012, 10:16 PM   #21
seadooxpguy
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I think the reporting limit for cash was $10k, but was dropped down to maybe $9k in the past few years. Pretty sure it is for anti money laundering purposes, could be wrong on that.

And if your bank does not have $10k cash on hand for you to withdrawal, you might need to think about a new bank. I think courtesy would be to tell them in advance for $15k+, and mandatory after that, maybe more in bigger metro areas.

As another idea, have him bring the bank withdrawal slip with him, it would be a good way to show the cash is legit without having his personal info spread out all over.

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Old November 2nd, 2012, 01:43 PM   #22
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It is 10K within a 24 hour period has to be reported to the IRS. I usually break up the deposit over 2 or 3 days to avoid reporting.
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Old November 2nd, 2012, 01:52 PM   #23
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If he wants it meet him at his bank and have them cut you a cashiers check.
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Old November 2nd, 2012, 02:40 PM   #24
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Originally Posted by DarrinGT View Post
It is 10K within a 24 hour period has to be reported to the IRS. I usually break up the deposit over 2 or 3 days to avoid reporting.
x2, or keep it, why let the bank have your cash. Keep it at home in the sock drawer or something.
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Old November 2nd, 2012, 04:35 PM   #25
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Quote:
Originally Posted by XJcoupe View Post
let the guy show up with the cash, if you dont trust that its not real, there is a way to check it yourself.

- take said bill, doesn't matter if its American/Canadian, scratch the bill on to plain white paper, the ink from the bill will transfer on to the white paper, its Real

- if the bill is reprinted or washed (fake) the ink will not transfer on to the white paper
Interesting! I have always been going to get a marker, but I plan on confirming your way. I did try it with a couple bills in my pocket and it works. Just need to confirm that copies would not?

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It is 10K within a 24 hour period has to be reported to the IRS. I usually break up the deposit over 2 or 3 days to avoid reporting.
I try to do this also. I don't buy/sell allot, but don't want any more attention from the irs than nec....
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Old November 2nd, 2012, 04:43 PM   #26
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Go to Meijer or somewhere that they swipe bills , when they swipe the bills ask for the pen, you want to swipe their change their giving you. Argue a bit about it, and slip it iin your pocket and leave. You have a bill marker.
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Old November 2nd, 2012, 07:28 PM   #27
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If he wants it meet him at his bank and have them cut you a cashiers check.
yep. or, I meet the buyer at their bank, and cash their cashier's/certified check right there and then.

else, they can come on a day when my credit union is open.

I've sold 3 different convertibles in "fall/winter" here in Michigan for fair/market value prices - 2 were in 'recessions' - the point being that there is more than one buyer for every car out there. It's just not worth the hassle to chase one specific buyer if they give you any reason to feel, or suspect anything that makes you uncomfortable with the transaction.
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Old November 2nd, 2012, 07:29 PM   #28
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Originally Posted by zook94 View Post
Go to Meijer or somewhere that they swipe bills , when they swipe the bills ask for the pen, you want to swipe their change their giving you. Argue a bit about it, and slip it iin your pocket and leave. You have a bill marker.
so commit larceny to avoid being victimized with grand larceny.

neat.
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Old November 2nd, 2012, 07:55 PM   #29
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This is a little off topic but I watched this show called the first 48. A guy puts a car on for $2,000. Then a kid wanted to buy it. He met the seller in a dark parking lot in the hood. Then when the buyer showed up the seller shot him in the head and robbed him. He knew the buyer would have $2k or close to it in his pocket. Anyway the point I guess im trying to makes is that its a grimy time we live in. You really gotta watch your ass.
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Old November 2nd, 2012, 10:23 PM   #30
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This is a little off topic but I watched this show called the first 48. A guy puts a car on for $2,000. Then a kid wanted to buy it. He met the seller in a dark parking lot in the hood. Then when the buyer showed up the seller shot him in the head and robbed him. He knew the buyer would have $2k or close to it in his pocket. Anyway the point I guess im trying to makes is that its a grimy time we live in. You really gotta watch your ass.
Happens a lot on c-list with phones and car audio (maybe even paintball equioment)

Not always ending in a shooting, but often the buyer gets robbed.
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Old November 3rd, 2012, 11:01 AM   #31
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Originally Posted by Hunter9 View Post
x2, or keep it, why let the bank have your cash. Keep it at home in the sock drawer or something.
Would love to have that option, but since I own a car lot, it has to be accounted for since I run the deals through the state. Cheating the system means loosing my dealership, not worth it for me.

That said, I have been in business for 11 years, I take Personal Checks, and have had only ONE bad check, and that guy just grabbed the wrong checkbook and made it right the same day.

Yes there are scammers and crooks out there but for the most part, people are honest. It is just the few Bastards that make it hard for the honest, hard working guys out there. You really have to go with your gut, and have good common sense. If someone just wants to meet you in a dark parking lot to do the deal,..you might want avoid that situation.

Last edited by DarrinGT; November 3rd, 2012 at 11:05 AM.
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