Silk Road forums
Discussion => Security => Topic started by: Holly on October 23, 2012, 03:53 am
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In the USA. Any thoughts?
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go to one of the buy here pay here places. ive gotten 4 cars, I get a new one around every 6 months well not new but new to me . or go to an auction but auctions are almost always no warranty ..
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a pre-owned car from an individual, like in classified ads. its a pretty common method when dealing with people rather than dealerships
just make sure to bring a large friend or a weapon to deter any "smart" ideas
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Why would buying a car in cash be inherently suspicious?
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Lets say the car I want doesn't match my current job employment? Doesn't all cash transactinos above 10,000 have to be reported to the IRS?
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I have two nice cars but I have a declared income to show where they come from.. what I recommend is have someone you know with good credit finance the car.. You'll pay a bit more in fees but you'll build the credit of your friend and the car can be in your name.. like a gift...
I assume you're not going out and buying a lambo or bentley so you should have no worries... good luck...
Also look into plating your car in Alaska... that will help for sure and its way cheaper!
8)
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Lets say the car I want doesn't match my current job employment? Doesn't all cash transactinos above 10,000 have to be reported to the IRS?
You could get someone who could buy the car without suspicion to get it and then sign it over to you?
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Also cash transactions are SUPPOSED to be reported but often aren't when dealing with private parties. They absolutely will be if purchased through a dealer or the like. Mileage varies and it certainly helps to know how a person is going to handle the cash after your purchase... but asking is a little weird, I would imagine.
.Hades.
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Private sale is your best bet.
Almost all private sales need to be conducted via cash with the all the fake money orders, bank drafts, bank wire scams there is going on.
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Also cash transactions are SUPPOSED to be reported but often aren't when dealing with private parties. They absolutely will be if purchased through a dealer or the like. Mileage varies and it certainly helps to know how a person is going to handle the cash after your purchase... but asking is a little weird, I would imagine.
.Hades.
So lets say the car I want is 20k, the person sells it to me for 8-9k and the rest is under the table? How successful is this plan lol? No, sadly I do not have anyone with good credit whom I can trust to do this.
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This is common practice in any state where you only pay registration taxes on the amount paid for the vehicle. Some states charge you registration fees based on the blue book value. It still leaves the question with what they are going to do with the money... If you hand someone 20k it might be worth having a conversation with them about just spending the cash as they need it... as depositing any bulk (even if several deposits under the limit) can be flagged.
But again... that might be a weird conversation to have with someone you don't know. Or it might not be. Who knows lol
.Hades.
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Also cash transactions are SUPPOSED to be reported but often aren't when dealing with private parties. They absolutely will be if purchased through a dealer or the like. Mileage varies and it certainly helps to know how a person is going to handle the cash after your purchase... but asking is a little weird, I would imagine.
.Hades.
So lets say the car I want is 20k, the person sells it to me for 8-9k and the rest is under the table? How successful is this plan lol? No, sadly I do not have anyone with good credit whom I can trust to do this.
20k... forget that... just go in and buy the car... put 8 k down and pay the rest in payments.... if you take a 5 year finance the payment will be just over 200 a month with the interest and even with poor credit most dealerships will find a way to finance you if you put 40% down.
Your in the clear.. GO GET THAT CAR!! 8)
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but the problem is holly isnt supposed to have that much money...
as i was suggesting - i think a private transaction could potentially work because it seems to me that it would be in both parties best interest to do a large portion of the transaction "under the table"
maybe i am wrong though... honestly no experience actually doing it
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but the problem is holly isnt supposed to have that much money...
as i was suggesting - i think a private transaction could potentially work because it seems to me that it would be in both parties best interest to do a large portion of the transaction "under the table"
maybe i am wrong though... honestly no experience actually doing it
C'mon 8 k even if you were on welfare would not set off any alarms... this chick is in the clear.. even with NO income you can still own a car under 20K no questions asked.... people have family who help and its normal for someone to save before buying a car... In her case its too easy... If she wanted a 50 or 60 k benz it would be more difficult... but for any car under 20 its simple as cheese!
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Holly- you pay em 20k cash. They write up a bill of sale and put 20k. On the title there is a release of liability form they fill out and keep to submit themselves (in case you plow thru a farmers market on the way home and massacre a dozen old ladies then they aren't responsible). The amount they put here is the taxable amount. Before you meet the seller ask if they would be willing to put a lesser amount here to help you with taxes- it is not uncommon at all. I currently own 5 vehicles (going on six) and they were all bought used with cash and the seller always wrote less on the title/release of liability to help me with taxes. Every time i sold a car the buyer asked me and I was helpful. I sold a car to a guy in Oregon for $10k but wrote $500 on the release of liability. A few weeks later he had problems registering the car at the DMV in OR and I had to go on the OR DMV website and find a form and fill it out saying the car had no motor at the time of sale that's why it was so cheap. He ended up paying taxes only on the $500 and the other 9500 was unreported.
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but the problem is holly isnt supposed to have that much money...
as i was suggesting - i think a private transaction could potentially work because it seems to me that it would be in both parties best interest to do a large portion of the transaction "under the table"
maybe i am wrong though... honestly no experience actually doing it
Looks like the general consensus is a private dealer. So the only thing left is the cash transaction being traced back to me? How would this look on paper, would it just look like he sold the car to me for 8k and that's what i would declare on my taxes?
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Pretty much. Obviously the 'under the table' portion stays off the books 8)
Again.. this type of transaction for vehicles if fairly commonplace.
.Hades.
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It may be different per state. But you don't declare it on your yearly income taxes. In CA when you go to the DMV with the title to register it in your name then you will have to pay the state sales tax at this time. Cash again. :D
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1) Buy it in parts and assemble, either yourself if you know how or by paying a mechanic- this is if you just need a car to get you places.
2) If you want a specific car, look for a private sale and be upfront with the seller tell him you will pay him cash up front in full but you will be giving him false information.
3) Same as #2, but don't tell the buyer your giving him false info and get the deal done before he has time to figure it out.
4) IF you don't need a nice car or a specific model, you can buy a crappy used car and say your buying it to part it out and maybe then you wont have to give any personal info.
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your right about having to fill out a form if u spend over 10k i think its called an i-9 form? maybe maybe not. anyway i too was n this predicament a few month back i wanted a car thats like 17k i obviously cant go to a reputable dealer with a knot n drive off n to the sunset. i went the long hard road and decide to buy a cheaper but still nice car. sticker was 10,500. i offer firm 9k, hunderd dollar bills rite now no atm bullshit or bank run or ill be back tommoro. they try still n be like weve turned down better offers (yea rite) their greed marinated n they went on it. clean sale out the door just had to get title few day later. they still were so pirate with the negotiating we were in my old car pulling off the lot big man came flaggn us down n says i win lets do the paper work (which isnt much) any way now that ive gone way off topic my end goal is to use that 9k car as a trade in on the 17k car obviously ill take a loss of a stack or maybe more but, i hopefully will offer them that car and 9k or 9500 cash on the one i want. those greedy fuckers will probably do it they want that commision usually their hawking over u before u even get out of your car. im not sure how that looks/works as far as tax purposes but it seems like a plausable way to go about it? maybe u could re-brainstorm that idea n come up with something similer along those lines?any way anyboby got any thoughts on that idea?
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I bought one cheap on craigslist from a guy moving to HK in cash.
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If you have enough vendor money to buy a car with cash you should have a front business laundering money, like offering any kind of service online they can't prove you don't do, and launder the coins through it into legitimate money paying the paltry corporate business tax rate.
Then you buy the car like everybody else does, and there's no flags to trip if some cop runs the plate and pulls you over, and questions your fake ID or mismatched records for the car and your real ID
The game.. play it correctly or it all crumbles from unforseen problems later down the line and you lose (the game). If you launder it through a real business then they can't nail you for tax evasion should you ever end up busted. That's at least 6 years off your sentence :) This isn't hard to set up. Corp offshore, legit business bank accounts, an accountant to make everything kosher, nobody knows where the bitcoins are actually from, because coins are EASY to launder and obfuscate, money through bank accounts isn't. So what if you lose 15% to taxes if it means completely legal money nobody can prove you got from dealing
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Set up an LLC and put it in the name of the LLC. Some Google-fu will tell you the best way to do that.
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Lets say the car I want doesn't match my current job employment?
Settle for a less flashy car. You'll probably enjoy it more because you won't raise any suspicion.
Doesn't all cash transactinos above 10,000 have to be reported to the IRS?
Technically, EVERY exchange is supposed to be reported to the IRS. Buy the car from someone whom you trust will do the right thing and not report it. ;)
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I buy and sell many cars. I always put way less the actual purchase price just to help them out on taxes when the get a new title. Many reasons for a lower price that I have used (and was not a lie).
1. The car needed work. I fixed it and am now needing to get it on the road.
2. I worked on their vehicle (or handyman/house work) and they gave me a huge discount on this vehicle.
Never had any issues.
All vehicles that I sold were in TOP shape, so I know you can get awesome used vehicles out there.
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Private sales - He will prob never be asked who he sold it to, even if he is and he says you gave him 20k cash, you say no way man, I gave him only 10k? How the funk can they tell what you actually gave.
Motor dealer - Get a feel for him, see if he is a nice guy and likes cash. If he is, he will prob be ok, and if hes real nice and its a real expensive car there are dodgy finace deals done all the time.
If he says on the phone - No I do not want that much cash, then you know this is not your type of garage. Some places are very suspicuous of wads of paper and assume its unnacounted for, drug money.
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Its easy to purchase an expensive car in cash, but if it doesn't fit your lifestyle that's what will raise peoples suspicions. Every time I see something about a bust the cops are always talking about the cars and boats and shit they took from those filthy drug dealers.
So just ask yourself is it worth all the extra scrutiny that comes with a vehicle that has that kind of price tag?
Rocker
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true true. rocker did just drop sum wisdom.