Az boat purchase avoiding red flags with cash deal?

[Turnup]

I want to purchase a boat that's in Az in duffle bag style, its private party so I understand no sales tax but any reporting concerns I should think about? Has anyone done a green deal and registered it under an LLC or corp name? I'm thinking of buying there and leaving there not take it into Ca..can I register it there and leave at a house, stay under the radar, and not have any flags bite me in the end..rear end?

 

[Ziggy]

E: All the above
.
.
Unless it's a stolen rig.

 

[QC22]

I've done it twice. Once in NV, and once in AZ. No issues if left it out of state for me. With that noted, they literally cruise streets looking for boats in CA. I know this for a fact as I once received a CA property tax bill at my BIL's address which is where I stored it. No other way that could've happened unless they physically saw it there.

 

[Flying_Lavey]

I've done it twice. Once in NV, and once in AZ. No issues if left it out of state for me. With that noted, they literally cruise streets looking for boats in CA. I know this for a fact as I once received a CA property tax bill at my BIL's address which is where I stored it. No other way that could've happened unless they physically saw it there.

Unless it was questionable stored (in someone's eyes) and a neighbor reported it to the municipality and thats how it got into the system.

Sent from my SM-G973U using Tapatalk

 

[QC22]

Unless it was questionable stored (in someone's eyes) and a neighbor reported it to the municipality and thats how it got into the system.

That's possible, but it wasn't a great neighborhood anyway. Visible from the sidewalk and on his side yard. There was never any other correspondence other than the tax bill with his address on it.

 

[C-2]

QC22 is probably right, I know COUNTY tax agents walk the slips at the marinas.

 

[C-2]

Turnup = what are your concerns? Generally, it's easier to insure a boat than it is to maintain an LLC/Inc to reduce liability.

 

[Turnup]

Not concerned with prop tax bill's, more concerned with grab bag of cash popping up on a radar of some internal bean counters or the like you know..boat isnt stolen..dont need uncle Sam nosing around I guess is what I'm gettin at.

 

[DWC]

Check out California’s rules on keeping it out of the state. They’ve changed a bit over the years. We got the same deal. They sent me a tax bill a year later. I was able to show a storage contract and a couple signed documents and avoided having to pay. Nervous few months for sure.

 

[530RL]

Not concerned with prop tax bill's, more concerned with grab bag of cash popping up on a radar of some internal bean counters or the like you know..boat isnt stolen..dont need uncle Sam nosing around I guess is what I'm gettin at.

Cash payment report helps government combat money laundering | Internal Revenue Service

FS-2019-1, February 2019 ― Federal law requires a person to report cash transactions of more than $10,000 by filing IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.

www.irs.gov

IRS Rules for Depositing More Than $10,000 Cash in a Bank Account

Learn the laws and bank rules for depositing more than $10,000 in cash. Find out whether these transactions will be reported to the IRS for suspicious activity.

www.mybanktracker.com

 

[was thatguy]

Well, you’ve now put it on the Internet so any hope of secrecy is gone.lol

Edit: What color is the duffle bag??
Asking for a friend...

 

[Turnup]

You guys collecting cash on your toys reporting that cash or stickin it in the ground? Or depositing in dribs n drabs?

 

[Instigator]

You guys collecting cash on your toys reporting that cash or stickin it in the ground? Or depositing in dribs n drabs?

What Cash? I'm broke. Just look at my bank account and tax returns Mr Government official.
Lol

 

[DLC]

I keep mine in mason jars dug out in the back yard!

my wife keeps asking why I took up gardening all of a sudden...

lol

 

[getoffmylawn]

 

[Turnup]

Que? Ah no speaky...adios!

 

[mesquito_creek]

Only the bank will read you the riot act when you try to get your money in and out.... After that there isn't anything to worry about. I have counted out stacks on a tailgate more than once to buy boats in cash in AZ without issue.

 

[Turnup]

Ya I have never filed that form on cash deals, I don't expect anyone else to happy to it..

 

[Taboma]

Ya I have never filed that form on cash deals, I don't expect anyone else to happy to it..

I never have, but then it's more than likely simply because I never sell anything, but oh I sure do love buyin shit

But I did learn something reading this thread, I had no idea as an example, if I sold my RV and received funds in any form other than a wire transfer, I was supposed to file a form 8300.
I'm not sure if I should thank @530RL, or curse him under the rule of Ignorance is Bliss.

 

[getoffmylawn]

Que? Ah no speaky...adios!

I got nuthin’....... Just a red flag to share

 

[Turnup]

...that was me running

 

[mash on it]

Only the bank will read you the riot act when you try to get your money in and out.... After that there isn't anything to worry about. I have counted out stacks on a tailgate more than once to buy boats in cash in AZ without issue.

Shouldn't be a problem if he sells 1 boat a year. Teller is going to ask. "I sold my boat" should suffice. Selling 36 "boats" a year, serious questions will be asked.

Dan'l

 

[was thatguy]

I keep mine in mason jars dug out in the back yard!

my wife keeps asking why I took up gardening all of a sudden...

lol

I call BS.
You can’t have a wife and expendable cash at the same time...

 

[Deja_Vu]

My friend says dribs and drabs at multiple establishments over time.