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Old 01-17-2010, 05:32 PM   #29
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1968 17' Caravel
Marblehead , Hasslechusetts
Join Date: Sep 2008
Posts: 146
Quote:
Originally Posted by overlander63 View Post
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.
I am not aware of any such law. Cash is still king. However banks are required by law (or IRS regulation) to report all cash deposits made in a single day (and possibly withdrawals) in excess of $10,000.00. Also, although not relevant here, you must declare any cash in excess of $10 K coming into or leaving the USA to Customs .

I also agree with the bank-to-bank transfer is the safest and surest way to transfer funds. Once it's in your account it's yours.

I bought mine for cash but I knew the seller so I had no problem with it.

As far as tax liability is concerned - I am not an accountant but generally speaking if you sell something for more than you paid then the profit is taxable. BUT you may be able to deduct some if not all of your expenses.
If this is the case consult your accountant.
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