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<p>[QUOTE=&quot;medoraman, post: 1252607, member: 26302&quot;]This is true, but don&#039;t underestimate this. Compliance audits are going up, and cash businesses like this are being targeted. Taking cash out of the transaction, (or check), legally triggers capital gains taxes. I have know a couple of dealers the last couple years where the IRS looked over their records, but were also very keen to copy their payment records. Pragmatically, if cash is received and the dealer doesn&#039;t know your name, that is hard to track. Legally its still a gain you are supposed to pay taxes on. </p><p><br /></p><p>Btw the cash payment reporting is not a state law, its Federal. All cash payments $10,000 or more are legally required to be documented. The repealed provision of the health care law would have taken this down to $600 cumulative, cash or check.[/QUOTE]</p><p><br /></p>

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