Question for you Tax Experts
I plan on selling a Chevy intake manifold to a fellow that owns a repair shop. It's not a large amount ($2K) but since he has a business it will be recorded as an expense of his. It will be a source of income for me. If I include that in my tax return, and you guys know how honest I am, I have no documentation of my purchase price to offset the $2K. Will I just have to suck it up and pay tax on the whole $2K?
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Is he taking your SS number? What manifold? Where? You could have paid 10K to have the car parted out.
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BBC cross ram. I had it on my '72 Camaro for a while (w/ a modified hood) but went back to my standard dual quad. Yes, he wants my SS number and I'm thinking of just backing out of the deal.
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I don't like the sounds of this myself, but good luck.
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Do what you think is right. I am guessing you have an idea in your thoughts already and just looking for conformation
So JMHO
I would have to say sorry, buddy, no record of the sale or ss number for you to report .
I want just standard cash, no checks, or cc transactions. No recept or paper trail what so ever If you want it that's my deal pass it or take it .
Look at like this:
Would anyone at a garage sale or swap meet give out that info to the buyer?
I seriously doubt it .he could just say he bought it at such a place if ask
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if you can write a check you can pay cash for it still america all debts public and private
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If you like I am guessing you are a stand up guy that pays your taxes and has no record of wut???? they will accept your break even on the form
If you report this as a $2K sale with a cost of 2K and you have a long history of trying to scam the IRS they will be all over you to prove it.
However, best thing is cash sale no receipt don't buy it if that doesn't work for you as most have said
No story is best story.
I used to report everything to the IRS and they finally wrote me and said please stop. We only want to know when it means you give us money or we give you money0 -
Tell him to pay CASH or jump off. Nice vintage item there Jeff. You will be able to sell that elsewhere and since when is 2k pocket change? lol— Yea I forgot who I was talking to.🤐🙂
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Yep, like some others have commented, tell him C-notes or nothing doin'.
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Tell him that the tax on $2k would be about $600, so the deal is $2,000 cash or $2600 with papers.
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If he wants to play the game charge him tax. Fair is fair.
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dunbarboyz: 32604655435675/comments/
If he wants to play the game charge him tax. Fair is fair.
Great answer 👍️ but lets don't forget the handling charges involved….😃. seriously, he can still right it off as an expense, I've did it thousands of times with no IRS complaints.
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Thanks for the replies guys. I told him no thanks. Cash & no numbers from me. I'm going to eat tonight whether he buys it or not.
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