General Discussion

Hassin Bin Sober

(27,361 posts)

52. They also need it for certain cash or cash and check transactions. For IRS reporting

Fri Apr 4, 2025, 02:22 PM

Apr 2025

When I was in the business it was over $10k. Or some combinations of lesser amounts

A check over 10k was ok because the bank had their reporting. No report by us.

Obviously 10k in cash had to be reported by us.

But say a check for 6k and 6k in cash would not be on any other institution’s report so it was on the dealership to report.

And we couldn’t just report anyone or that would get us a fine.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

54 replies

= new reply since forum marked as read

Highlight:

My sister bought a Chevy Blazer today. [View all] BlueKota Apr 2025 OP

i thought new car prices were gonna plunge thanks to tariffs....lol nt msongs Apr 2025 #1

Nope and the used ones BlueKota Apr 2025 #11

Depends on who you're listening to. dchill Apr 2025 #12

And gas was going to be $1/gallon, and... COL Mustard Apr 2025 #26

First I ever heard of give a car dealer a SS number. Historic NY Apr 2025 #2

Yes. underpants Apr 2025 #5

I will not be financing so they will never get mine at a car dealer 😁 Meowmee Apr 2025 #7

As long as you... Chemical Bill Apr 2025 #25

Yes probably but they don't have my bank accounts because Meowmee Apr 2025 #44

My friend mailed a paper check to the IRS last week central scrutinizer Apr 2025 #48

Yes me too Meowmee Apr 2025 #50

We opened a separate account for direct deposits. n/t Chemical Bill Apr 2025 #53

That is what we will do and not attached to the other accounts. Meowmee Apr 2025 #54

I think you also have to give it when checks BlueKota Apr 2025 #8

You are correct dflprincess Apr 2025 #16

They also need it for certain cash or cash and check transactions. For IRS reporting Hassin Bin Sober Apr 2025 #52

They required mine when I paid cash for a car iemanja Apr 2025 #34

I would have told him no on the SS. Take it or leave it. Bengus81 Apr 2025 #3

I agree. It's ridiculous. About a month ago, I went to my bank... Mark.b2 Apr 2025 #10

Heh, over $10k means exactly $10k is under the limit. eggplant Apr 2025 #18

Dang! I could have gotten one more dollar. Mark.b2 Apr 2025 #20

Not sure, but DENVERPOPS Apr 2025 #31

They are definitely supposed to report people who try to skirt the rules. eggplant Apr 2025 #32

Drug dealers Magilla Apr 2025 #38

As I understand it, the $10k limit for withdrawl was a bank policy to protect... Mark.b2 Apr 2025 #36

The Bank Secrecy Act Cirsium Apr 2025 #51

Years ago Magilla Apr 2025 #37

Still probably was reported to the IRS even though it was $9,999 MichMan Apr 2025 #29

I was just an old man wanting to buy a new tractor... Mark.b2 Apr 2025 #39

You showed her ! MichMan Apr 2025 #41

Good to know. Thanks! Mark.b2 Apr 2025 #42

What's funny is that we live in a rural area, so people buying tractors happens regularly. MichMan Apr 2025 #43

So what does the bank do if they say a celebrity needs money, refuse to give them their own money? Meowmee Apr 2025 #45

They counsel them that they are being scammed, but can't ultimately refuse them MichMan Apr 2025 #46

That's been the law for ages. iemanja Apr 2025 #35

Know Your Customer laws radius777 Apr 2025 #47

I've never had any issues with my credit union central scrutinizer Apr 2025 #49

It's permeating underpants Apr 2025 #4

Definitely BlueKota Apr 2025 #15

Yep, wish I had bought my car in September before the election or even January before Meowmee Apr 2025 #6

It just sucks that we are all going to pay because BlueKota Apr 2025 #14

Really glad your sis got in under the wire. Funny about the salesman & his coffee! Hekate Apr 2025 #9

Thank you. She's been really nervous about it. BlueKota Apr 2025 #13

Thine GM should be an EV. the Equinox / EUV wow. swampthingdc Apr 2025 #17

Welcome to DU ... aggiesal Apr 2025 #23

It used to say NOT FOR IDENTIFICATION on the Emile Apr 2025 #19

I'm not giving my social security number to buy a car. That is all n/t aggiesal Apr 2025 #21

Chevy Blazer is made in Mexico and China of Chinese parts IronLionZion Apr 2025 #22

The Traverse was what she just traded in. BlueKota Apr 2025 #33

Gonna be a least a decade before I look at cars. roamer65 Apr 2025 #24

Got my Chevy Trax DownriverDem Apr 2025 #27

If there were tariffs coming, it would have been made in South Korea MichMan Apr 2025 #30

That's reality folks. OAITW r.2.0 Apr 2025 #28

The only people who need your SSN is your work and the IRS. Mosby Apr 2025 #40