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Old 01-16-2010, 08:55 AM   #15
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Carol. I'm not a tax pro but there should be no income tax ramifications unless you sold the AS for more than what you paid for it. If you did, I expect there are many many members here that would like to hire you to sell theirs.
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Old 01-16-2010, 08:56 AM   #16
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Carol, to pay income tax you'd have to be making money on the transaction. The buyer will be paying sales tax. This usually is collected when they apply for title & tags in their own state -- he'll need a bill of sale for this. For instance, I bought my Safari at a dealer in Iowa and they didn't collect tax on the transaction because I was shipping it directly out of state.
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Old 01-16-2010, 09:22 AM   #17
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Was able to get all necessary paperwork notorized right at the bank.
That was the reason for completing the transaction at the sellers bank, paymemt deposited directly into their account. All arrangements made before the trip to Arkansas. Two copies of everything, signed & notarized.
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Old 01-16-2010, 09:31 AM   #18
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Old 01-16-2010, 09:35 AM   #19
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It's kind of fuzzy this morning, but didn't the Feds enact some kind of law that made it a criminal offense to carry around huge amounts of cash? Something about drug money, and racketeering.

Heading back to the kitchen for more coffee...
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Old 01-16-2010, 09:47 AM   #20
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You guys are funny. OK OK Gold, yup. Yeah I have decided to become a AS flipper and charge three times list and reretire.I am very good.

Thanks. Glad to hear I don't have to stash it in the mattress or worse yet a body wallet.
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Old 01-16-2010, 10:06 AM   #21
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I think you have that a little off. I think it is purchases of $15K or more in cash need to be reported but you can build a house of it if you want. Lots of people operate in cash. Have you ever sold scrap metal? Everyone is paid out in cash. Might not be $55k, but it is a significant payout in a day.
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Old 01-16-2010, 10:35 AM   #22
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I think you have that a little off. I think it is purchases of $15K or more in cash need to be reported but you can build a house of it if you want. Lots of people operate in cash. Have you ever sold scrap metal? Everyone is paid out in cash. Might not be $55k, but it is a significant payout in a day.
You're right. Now that the caffeine has kicked in, I can remember that. You can have all you want, but the bank has to tell the Feds you have it.

Has anybody seen my tinfoil hat?
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Old 01-16-2010, 12:10 PM   #23
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You should check with your accountant or tax professional because I'm neither one of those. But...If you did not make a profit on the sale you would not have "income" to tax. Most private vehicle sales are not a profit. So there shouldn't be a tax liability other than State Tax on the sale which is paid by the buyer when they register the trailer with the Secretary of States Office. In Michigan you have a "Permanent Trailer Plate" for your A/S and do not pay for annual tags like other vehicles. Be sure to remove your plate from the trailer before the new owner drives away with it. Otherwise the new owner may be tempted not transfer title in a timely manner and you will retain some liability for the trailer until it is transfered out of your name. Also, Michigan requires you to retain a record of the sale for two years after the transaction so beside making sure you are getting good funds before releasing the trailer also get good identification from the buyer. I would ask for a drivers license and make a photocopy for my records. It sounds complicated but makes sense it you want to protect yourself. One way to do it right is to accompany the buyer to the Secretary of States Office and conclude the transaction there or making sure you have good funds for the sale sign off on the title and hold on to the trailer until the buyer comes back with their new plate and temporary title in their name. The same applies if it is an out of state buyer. They will have to obtain a temporary transport permit from the Secretary of State in order to take the trailer on the highway back home where they will register and pay their home state tax.
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Old 01-16-2010, 01:26 PM   #24
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Ah, we will pull the license plate now. DMV is right nearby here too. I will put that on the list for sale day after the bank.
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Old 01-16-2010, 02:56 PM   #25
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Hi Carol
I agree with most of the posters above. Do a wire transfer between the buyers bank and your bank.Have the bank do it,that way the buyer will never see you account numbers. Then you can have da title notarized at da DMV and He can be on his way,wiff O bill of sale in hand. I know this person is gonna be a happy camper.
Hope to see ya in da Spring.
Roger
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Old 01-16-2010, 03:43 PM   #26
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Never Cash!

I like the cash deal. BUT, recently, mostly Craigs List buyers, are being robbed by "sellers" who ask for cash. When the buyer shows up, usually at a supposed home or business address, they meet with a strong arm robbery. Recent death of a college student here in Texas when he went to buy a car on a cash deal. I use a wire transfer at the sellers bank.
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Old 01-17-2010, 03:36 PM   #27
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I know this is kind of old fashioned and foolish, but when I bought my current rig, I paid the guy with my personal check. I also accepted a personal check from the folks that bought my old rig. It helped, I think, that in both instances the first contact was made through this forum.

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Old 01-17-2010, 04:50 PM   #28
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I bought mine out of state - we did a Paypal deposit and then cash in hand. Probably a smaller transaction than what you're doing, but the deposit on paypal was great because of the safety for both parties. I agree with the bank to bank transfer for the bulk of the money, though.
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