USA Large purchase via cash help

[Doylee4693]

Im not an accountant however heres my issue. I want to purchase a 35k truck.Im wondering how to go about purchasing a car with cash without the irs. My plan is to make 1k to 2k deposits in my bank account and then in a few months just getting a certified personal check. When I do write that check for say 20k from my account,does the bank notify the irs of that transaction? Please use lamens tearms here. Thanks in advance.

 

[kirby]

If you deposit cash in such a way as to evade reporting requirements, you will violate the anti-money laundering laws. HUGE penalties. Just deposit all the cash and fill out the required forms at the bank.

 

[Doylee4693]

I dont actually have the cash now but was thinking of picking up some spring and summer work that pays well... but with all this cash under the table and getting in trouble biz maybe il just sit in the ac for another summer

 

[Steve-LevelUp]

Banks generally report transactions over $10k. both incoming and outgoing.

So, if you are able to avoid depositing cash into the bank, and are able to buy the truck cash, the only issue would then be registering the vehicle. There really isn't a way around this as the vehicle would be under your name. Unlikely the IRS would look into this directly, but it depends on what you are trying to do.

No one is forcing you to deposit cash into the bank, it would just depend on whether the seller would accept cash as payment.

Not declaring income is not a good thing to do, and I am in no way suggesting that you do not declare your income to the IRS.