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How does the IRS even find out you buy a car? There’s no federal sales tax. You just pay your state taxes. If it’s a “nothing fancy” car, maybe a 30k accord or
by yuppie_scum 5y ago
How does the IRS even find out you buy a car? There’s no federal sales tax. You just pay your state taxes.
If it’s a “nothing fancy” car, maybe a 30k accord or less, and he has a good income, it’s not going to raise any flags with either state or fed.
Bottom line - pay your taxes and you’ll be fine.
I can’t emphasize enough how good a feeling it is to have the title to your own car.
- mort1merp0 5y agoI believe that any movement of $10,000 or more is automatically reported to the Feds. A systematic movement of say $9,000 multiple times to avoid that would be viewed as structuring and you might draw their attention as well. --edit (a word)--
- rolph 5y agothe IRS would find out when the seller reports the sales income, unless the seller is truly crooked and cooks thier books up in some way, such as fees to a consultant who died in a house fire thus all his records are burned and gone.
- true_religion 5y agoIs there a federal sales tax on cars?
- rolph 5y agoim sure there is a federal tax on annual revenue, regerdless of what your business sells