Quote:
Originally Posted by Rick Dorion
I think a bank has to report a deposit of $10,000 and more(?) I sold a car for cash and made a few deposits over several weeks. Also, had to verify all the bills' watermarks before signing over the car! Anyway, didn't answer your question but congrats on the sale.
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It is illegal to do this, they call it staggering? because of money launders do this apparently. In your case its just selling a car so not illegal obviously. As long as there was no gain on the sale then you dont have to pay tax on it (last time I checked)
There really is no "safe" way of doing it. Even a wire transfer can go bad.
The best way I can think of is go to his bank with him and watch them print out a certified check (cashiers check) and deposit it in yours before he can spend the money in his account.
I could go on all day on ways people can screw you over. Hate to say it but cash is the best way and as said before mark the bills and make sure there is texture on Ben's coat! If he has all new 100's then you are good to go! Best of luck -Mike