Looks like I'll be selling my rail this weekend and have heard of bogus cashiers checks, is there anyway to know if there fake or the real deal...

CASH ONLY.
unless they take you to the bank and the check is done in front of you.

I'd do cash only... maybe even pick yourself up a counterfiet checking pen

Or keep possesion until the check clears. Make sure to get buyers name and address of his DL.

Better yet,go to bank and have all funds electronic transfer to your acct.Simple and no cash to worry about running around with.

Congrats Tom.

Have them meet you at the bank and transfer the funds to your account.
or cash.

I like his ^^^^^ idea

The best way or go to their bank with them and see them make out a cashiers check in your name and that should be good as well, but keep all the copies. I did that with my quad I sold.

Wire Transfer.

Remember, if you deposit 10K in CASH or more , you will be reported to the IRS , its the law.

Have him give me the cash, and I'll give you 20 annual payments.

This is how I sold mine ^^^ meet at a bank

also the person can report the check lost and cancell it. it happen to me

i say the best way is transfer between accounts

take cashier check to the bank that the check was made from! i took a cashier check to my bank and they called to verify check, it was ok'd by phone and turned out to be bogus! be careful if it is not cash!!!!!!!!

Even with cash there are alot of fakes rolling around in the L.A area

Thanks guys for the help. I should be meeting him half way and I'll find out what bank he's with and meet him at a branch half way to do the transaction.

Go to the bank, set up a new account just for a transfer. Have the buyer wire the money. When it clears, transfer it to your other account, then call the buyer to pick up his new car. You cant go wrong this way.

Cash or bank check ,I still make them go to the bank with me until I know money is good! Then and only then do I give them the title and item.To many fakes and counterfeits that look to good for me to till I leave it up to the bank

I would be carefull walking out of the bank with that much cash.

Yeah i like the wire transfer idea the best...

What about PayPal?

That's a large transaction for pay pal- I'd be careful with that- I've gotten bogus virus measages from pay pal accounts -not sure how safe it is- Jess

Wire money, it is fast and involves both banks wich leaves nothing to risk.Better check with your bank,it has to be done between certian time of the day.Have done it many times.

CASH

Wire or transfer funds...or ca$h is how I work.I prefer to go to the bank with the buyer/seller when I make a deal to protect both parties...lots of scams out there,beware!!

Cash is still TOPs

Paypal is no protection. If the buyer contests it your money is locked up and good luck getting it back. (Works the same way too if a seller stiffs a buyer through paypal - if the seller doesn't have the cash in their account then the buyer is SOL.)

Remember Paypal is not a bank and doesn't have to play by the rules that real financial instutions do. Real banks have things like FDIC insurance and policies in place to make sure money goes where it's supposed to.

I've bought and sold most of my vehicles between friends that I trust so I didn't have to worry about this kind of thing. But when it's with the general public I've always met at the bank of the seller and done the transaction there. They've got notaries on hand to make the title transfer quick and painless as well as experience and rules to protect both sides of the transaction.

meet person, preferably on a Sunday evening, and do a personal 3rd party check, it's no problem they just sign it over to you................LOL. Are they in AZ?

shouldn't be a problem....500 bucks isn't that much money anymore.


















Just kidding Mr. Dune......I just couldn't see myself passing that one up. It's who I am!

Are you upgrading? Or getting out of the buggy thing.

One of the best ways is to use escrow companies. Seller delivers rail to escrow company. Buyer delivers payment to escrow company. Escrow company verifies the $$ for the seller. Once $$ is verified, the escrow co. calls buyer to pick up the rail and transfers title.

Obviously, a fee is charged. For high dollar transactions with higher probabilities of fraudulent practices, this could be cheap insurance.

"In God we Trust" all others pay CASH !!

Hahaha just getting out of the buggy thing for a season until things stabilize, then Tomfish should be ready to sell his new car....

Looks like cash- and the escrow deal seem to be best - Jess

CASH ONLY, if they can get a cashiers check, they can get CASH. ITS THE ONLY WAY I HAVE EVER BOUGHT OR SOLD A CAR. And also the only way that I've known anybody in our group to buy or sell also, and we have about 25 families in our group.

Listen carefully, you've gotten some good advice mixed in with some not so good.

I know michaelaz is correct.

If you take a wire transfer or a deposit of $10,000 or more, the IRS will automatically be notified, and I think you may very well pay income taxes or capital gains on the total amount. It WILL put you in a higher tax bracket for ALL of your income, especially since both of you work. Think about it. You will get to keep probably less than 1/3 of the amount that you sold it for, all because you were not careful.

If you take any sort of check, you have no way to verify it is real outside of a bank, and again, the deposit will be larger than $10,000 and you'll get screwed. Take cash, and deposit it $9900 at a time.


Buy a counterfeit pen. Get a magnifiying glass. Have him meet you at YOUR house with CASH. Then go thru random bills with the counterfeit pen, and use a bright light and the mag glass to check all security strips to ensure they are correct. Counterfeiters have been known to bleach a $5 and print $100 markings on it, it is the correct cotton rag, so it passes the pen test, and it has a security strip, so a casual glance would not detect the counterfeit.


If you knew this guy well, I wouldn't be so cautious, but these days, you ca nnever be too cautious.

dont forget to get a picture of him and a picture of his I.D.

No income taxes or capital gains taxes will be due if you deposit cash or wire money into your account. True the bank will have to report the transaction, but IRS only wants this info to thwart money laundering. You are doing nothing illegal, feel free to deposit cash with no worries.

So let's say you sell a house in AR for $50,000 and deposit the money.

Then you sell a sand rail for $75,000 and deposit the money. The IRS won't go after capital gains for the house sale? How do they know the difference about where the money came from?

You must show what you originally put in to the 50 or 75.

The old credit debit thing.

Same scenario as if you sold your personal home after 2 years of ownership and deposited 100k from the profit of said sale. That is all tax free. The proof lies in your own accounting or records.

Capital gains in either case would only be due on the gain or profit from the sale. I would doubt Tom is selling for more than he bought it for, especially if you add all the additional money he has spent on repairs and maint.

Most people can not get that much cold hard cash - even if they do, it is a lot of bills.

Do a cashiers check and go to your bank and deposit it prior to letting your car go.

Just calling the other person's bank to verify if the check is real is not good enough - they can canel it.

A friend of mine worked for ORW last year and got $1800 in hundreds. The pen worked,it had a watermark and the ribbon in it and the bank said it was fake and wouldnt make the deposit. I saw them, and Ill tell you, I couldnt tell. I would have taken it. I went directly to the bank with the buyer of my car last year.Too much mony at stake plus losing the car. Makes me sick to my stomach thinking about something like that happening.

Banks won't even give you more than $5000 cash unless you call ahead of time. And if you call and order more than $5000 cash they usually have to report it to the IRS.

If your bank is that small, switch to one with more assets.

All about the benjamins...

If a large amount....go to bank and do a transfer.
Even set a time to allow for clearance.

Duane how would they know if I made a profit on the sale?

I have never heard of that ? in the construction bizz i always cash checks over 5000 never a problem the 10000 thing does send a flag up but if youre claming your cash youll get a 1099 so it doesnt matter any ways ps always get cash and have marker handy.

2 ways

1. You report the sale and gain on your tax return

2. You get audited.

Does it work on losses as well?


If you sell a rail and lose $15K, do you get to deduct that from your income?