buying a car
 

someone told me the dealership will report you if spend more than 10k in one single transaction, see i buying a 14000 car, borrowed money from relatives so i can pay it off all at once to get the 3k discount. is it true?

Re: buying a car
 

I was looking into this, because I had never heard of that. I found this, businesses must report transactions that involve $10k+ to the IRS.

http://www.irs.gov/Businesses/Small-...00-(Form-8300)

I'm not sure how it would affect you when tax season comes around....

Re: buying a car
 

If payed by Cash

Re: buying a car
 

if you get a car thru finance this does not apply

Re: buying a car
 

Well I'm not financing it, I was thinking 8k cash and 6k check

Re: buying a car
 

In what way can it affect the buyer???

Re: buying a car
 

The IRS could look into him thinking money laundry or drug money i guess lol i think by law someone can only give you 12k as a gift.

Re: buying a car
 

Not sure if they report but I just got a 2012 malibu, financing through bank of America.

Re: buying a car
 

They don't if its financed.

Re: buying a car
 

I say you bulit your credit! I got 2012 scion for 19000.. only 2000 down.. from south bay toyota