Quote:
Originally Posted by wyldweb
If you can afford it, paying for a car in cash. Why not.
But in the Us all transactions over I think 7500 cash (green Backs) get reported to the IRS. So if you don't want on that radar paying in full through bank transactions is better.
Other than that I accept all cash donations over 7500 and I surely would not report ya..Laughing!!
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Pretty sure its 10K and yes if you are not reporting your income and only showing a small amount of money with the IRS you don't want to go pay over 10K for something because it will be reported to the IRS. If you only make 10K a year and you just paid 20K cash for a car, they going to get your ass.
On the other hand if you don't show any income, you probably not going to be able to get financing either.