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?

41,240

TDolby answered 5 years ago

The buyer will still pay state taxes when they register the vehicle and when you both transfer the title.

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F_O_R answered 5 years ago

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.

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10

GuruHLQDH answered 5 years ago

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.

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2002Eldo answered 5 years ago

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.

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