Guest Mushijobah Posted May 8, 2007 Report Share Posted May 8, 2007 I was pondering if anyone any of you guys/gals know has ever gotten in trouble for putting a false purchase price on the title for tax purposes. Responses? Thanks Quote Link to comment Share on other sites More sharing options...
KillJoy Posted May 8, 2007 Report Share Posted May 8, 2007 I was pondering if anyone any of you guys/gals know has ever gotten in trouble for putting a false purchase price on the title for tax purposes. Responses? Thanks Uhhhh....got a reciept? Quote Link to comment Share on other sites More sharing options...
351mach11647545510 Posted May 8, 2007 Report Share Posted May 8, 2007 nope. have done it many of times. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted May 8, 2007 Report Share Posted May 8, 2007 When I sold my BMW. I "helped" the guy out. About a year later I got a letter in the mail from the DMV or the state, asking me to state the selling price (or something, can't really remember). I never replied to it. And never heard about it again. Quote Link to comment Share on other sites More sharing options...
KillJoy Posted May 8, 2007 Report Share Posted May 8, 2007 As long as both sides know / agree what is going on it....there should be NO issue... KillJoy Quote Link to comment Share on other sites More sharing options...
cptn janks Posted May 8, 2007 Report Share Posted May 8, 2007 IIRC, if its an outlandish selling price, they MAY investigate it. like if you buy a ferrari for 100 dollars or something lol. i think that putting a lower price on there is something that everyone does. i dont think ive bought a vehicle (save from a dealer) and not lied about the purchase price. i dont think ive sold one either where the buyer didnt lie lol Quote Link to comment Share on other sites More sharing options...
excell Posted May 8, 2007 Report Share Posted May 8, 2007 Never been bothered. If they don't like it, they can kiss my ass. Quote Link to comment Share on other sites More sharing options...
Guest Mushijobah Posted May 8, 2007 Report Share Posted May 8, 2007 Thanks for the enriching input, guys Quote Link to comment Share on other sites More sharing options...
BloodRed Posted May 8, 2007 Report Share Posted May 8, 2007 I know when I have purchase a car off someone, in the past, I just always told them the selling price was $100. I paid the $6.75 in taxes and the notery fees and I was done. Quote Link to comment Share on other sites More sharing options...
TheHaze Posted May 8, 2007 Report Share Posted May 8, 2007 I've never told the truth on any car I've sold. Quote Link to comment Share on other sites More sharing options...
Vander Posted May 8, 2007 Report Share Posted May 8, 2007 Kyle, I lied on my Eclipse, just let the other guy know and you're in the clear. Quote Link to comment Share on other sites More sharing options...
XChris1632X Posted May 8, 2007 Report Share Posted May 8, 2007 I know of someone who bought a bike and put 1g on the title but paid $3500 for it. The IRS later sent him a letter wanting to know why he took out a loan on a vehicle for $2500 difference. He ended up having to pay taxes back with no questions asked or face imprisonment. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted May 8, 2007 Report Share Posted May 8, 2007 When I sold my BMW. I "helped" the guy out. About a year later I got a letter in the mail from the DMV or the state, asking me to state the selling price (or something, can't really remember). I never replied to it. And never heard about it again. Same here. I bought the contour from my brother-in-law, they sent both of us a letter. I called the BMV and they said it was more important for the seller to confirm the price blah blah blah. Never heard from it again. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted May 8, 2007 Report Share Posted May 8, 2007 I know of someone who bought a bike and put 1g on the title but paid $3500 for it. The IRS later sent him a letter wanting to know why he took out a loan on a vehicle for $2500 difference. He ended up having to pay taxes back with no questions asked or face imprisonment. Damn, stupid move but really, Im surprised the IRS even noticed something that small. Quote Link to comment Share on other sites More sharing options...
87GT Posted May 8, 2007 Report Share Posted May 8, 2007 I never put the actual price. Quote Link to comment Share on other sites More sharing options...
Vander Posted May 8, 2007 Report Share Posted May 8, 2007 The reason why that guy caught is because he took out a loan. Pay cash! Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 8, 2007 Report Share Posted May 8, 2007 never been asked or confronted in any way and I sell plenty of vehicles each year Quote Link to comment Share on other sites More sharing options...
thorne Posted May 8, 2007 Report Share Posted May 8, 2007 I was pondering if anyone any of you guys/gals know has ever gotten in trouble for putting a false purchase price on the title for tax purposes. Responses? Thanks No. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted May 8, 2007 Report Share Posted May 8, 2007 So, really, what can they do if they catch up with you? All they will do is make you pay the tax it sounds like. As long as it's nothing legal related, I wouldn't really be too worried about it. Ohhhh, you caught me. Here's your money. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted May 8, 2007 Report Share Posted May 8, 2007 So, really, what can they do if they catch up with you? All they will do is make you pay the tax it sounds like. As long as it's nothing legal related, I wouldn't really be too worried about it. Ohhhh, you caught me. Here's your money. Exactly. As long as it doesn't go on my credit report I don't care. Quote Link to comment Share on other sites More sharing options...
Guest Mushijobah Posted May 9, 2007 Report Share Posted May 9, 2007 So, out of all of these cases, how many had gotten a loan? My friend did get a loan, and wants to know if he would be at risk Quote Link to comment Share on other sites More sharing options...
TheHaze Posted May 9, 2007 Report Share Posted May 9, 2007 So, out of all of these cases, how many had gotten a loan? My friend did get a loan, and wants to know if he would be at risk The worst that could happen is that they catch it and they ask about it. In that case he could claim negligence and say he didn't see that. He would end up just having to pay taxes for it later. Quote Link to comment Share on other sites More sharing options...
Guest Mushijobah Posted May 9, 2007 Report Share Posted May 9, 2007 I see. Just claim the buyer didn't know about what the title read? Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted May 9, 2007 Report Share Posted May 9, 2007 I got a letter once and paid the difference. I got skeered. I now tell people I will give them $50 the vehicle and the rest of the purchase price for the keys. Quote Link to comment Share on other sites More sharing options...
Dave1647545494 Posted May 9, 2007 Report Share Posted May 9, 2007 I would delete this thread before the wrong person sees how many of you just admitted to commiting fraud..... but hey thats just me Quote Link to comment Share on other sites More sharing options...
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