What should I be careful of if a prospective buyer wants to give me cash to avoid state taxes?
Asked by Bentley_10 Jul 18, 2019 at 10:35 PM about the 2010 Bentley Continental GTC W12 AWD
Question type: Car Selling & Trading In
What should I be careful of if a prospective buyer wants to give me cash to
avoid state taxes?
4 Answers
The buyer will still pay state taxes when they register the vehicle and when you both transfer the title.
Be careful whenever you have a big wad of cash. If you are really selling a Bentley, that amount of cash could be a death sentence. You never know if they have a buddy who will rob you the minute they drive off. Do the transaction at a bank! This sounds like a drug dealer.
Yes the best option is a bank transaction and once they register the vehicle, they will have to pay taxes based on the cars value by the dmv system.
There is a lot of good counterfeit cash in circulation. I would go with the buyer to a bank and get a cashier's check.