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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
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  #1  
Old 04-06-2013
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Buying A Boat

So i have decided to buy a Riptide 31 sailboat. I have had the survey done and i am happy with everything. So on friday we agreed to meet on monday to finalize the deal. So the owner just called me and asked if i could bring cash to pay him. or if i could split the checks into amounts under 10,000. should i be concerned? It just seems sketchy to me.
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Old 04-06-2013
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Re: Buying A Boat

Yes
.
.
.

but I would expect a discount.

You HAVE checked title?
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Old 04-06-2013
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Re: Buying A Boat

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Originally Posted by TQA View Post
Yes
.
.
.

but I would expect a discount.

You HAVE checked title?
Yes everything is in order as far as the paperwork goes. its USGS registered in his name. and the surveyor did the background on it.
He says he does not like to deposit more then 10 grand in his bank account as that requires the bank to notify the government.
i was just surprised by the request.
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Old 04-06-2013
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Re: Buying A Boat

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Originally Posted by huntermj View Post
Yes everything is in order as far as the paperwork goes. its USGS registered in his name. and the surveyor did the background on it.
He says he does not like to deposit more then 10 grand in his bank account as that requires the bank to notify the government.
i was just surprised by the request.
I'm pretty sure the bank does not have to notify the feds for check deposits.

It used to be only for cash greater than 10k.

Has that changed?
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Old 04-06-2013
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Re: Buying A Boat

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Originally Posted by sailpower View Post
I'm pretty sure the bank does not have to notify the feds for check deposits.

It used to be only for cash greater than 10k.

Has that changed?
I think the ruling is for anything the bank finds 'suspicious' - which is activity not normally associated with the account holder. The Nest has a nice write up on this. Also, I just read the IRS is using social media to help them identify assets taxpayers have that may trigger conditions for a successful audit.
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Old 04-06-2013
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Re: Buying A Boat

You can deposit a check in any amount without Fed notification, cash over $10K gets reported but you can walk in one day and deposit $5k and the next day another $5k without any issues. Heck you can deposit $9k a hundred days in a row if you want.

The $10K limit was to stop drug dealers and others involved in illegal activities from depositing many 10's of thousands at once.

There is no need to
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Old 04-06-2013
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Re: Buying A Boat

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You can deposit a check in any amount without Fed notification, cash over $10K gets reported but you can walk in one day and deposit $5k and the next day another $5k without any issues. Heck you can deposit $9k a hundred days in a row if you want.

The $10K limit was to stop drug dealers and others involved in illegal activities from depositing many 10's of thousands at once.

There is no need to
By law, if the cash deposits are linked to a single transaction they have to be reported no matter how you break them up. Consecutive daily cash deposits of 5k or 9k would certainly trigger a report.

I don't see what this seller is concerned about with a check for the proceeds.
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Old 04-06-2013
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Re: Buying A Boat

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By law, if the cash deposits are linked to a single transaction they have to be reported no matter how you break them up. Consecutive daily cash deposits of 5k or 9k would certainly trigger a report.

I don't see what this seller is concerned about with a check for the proceeds.
I dont either but he is going to get a bank check for the boat. i would rather have it recorded by his signing the check.
I just had a thought, maybe he is getting ready to declare bankruptcy?
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Old 04-08-2013
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Re: Buying A Boat

What was your impression of the guy? It doesn't strike me as too surprising that someone is looking for ways to avoid attention or taxes. How often does a small business give you a discount for cash? We all know that's to help them avoid tax. If he gave you a discount it would be easier for you to accept...
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