Best way to get paid for selling RV?
A lot of cash doesn't seem like a good idea. Certified checks can be forged. Wire transfer?
Forum Discussion
Ralph Cramden wrote:dryfly wrote:
Unfortunately, you don't want to raise a red flag by large CASH deposits.
The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.
It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).
Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?
So if I sell my RV for $25 K cash I need to deposit $9999.00 now, another $9999.00 6 months from now, and in a year deposit the remaining $5002.00. Sure would not want to get in pickle and accused of money laundering. Might get toted off to the state or fed pen? Someone might think I'm pushing crack or Oxycontin? I wonder if the dealers (RV) have that problem when making deposits on cash deals?
Some of the things people worry about on RV boards never ceases to amaze. Better off to stuff it in the mattress or bury it in mason jars out back LOL.
I think you missed my point. I'm not "worried" about it in the least, and I'm sure you are not either.
For those considering depositing a large sum of cash, I'm just citing Federal Banking laws. If you doubt this information, casually ask your banker.
