Truck prices are insane

Any bank transactions of $10,000 or more are automatically reported to the IRS by your bank and have been for years. So unless he's keeping $200,000 in cash under his mattress, the IRS will know. President Brandon wants to lower that to $600 from $10,000. You would have to be an idiot to think they won't see it.

 

You'll also have to keep a mileage log for the company truck showing what miles were used for business vs personal. I had a company car for years and use to hate doing that. They do check them if you ever get audited. Don't have the log, and you get taxed on all of the miles. It's like an IFTA account on your personal vehicle.

 

10K in CASH transactions, not check.
####, I could sell my house, deposit the $300,000 check, and IRS wouldn't have a clue.
If I deposit 10,000 or more in cash, they do.
Biden wants to make it $600, but has now decided to make it $10,000 in a YEAR. So, everyone soon.
#### Joe Biden.

 

I use mine as a service truck for my company. It hauls tools, wheels, tires etc etc. It's also used for sales endeavors, advertising, parts runs and other general business type transportation. I write everything that has to do with it off. Fuel, maintenance, repairs are all deductible 100 percent. If I don't find a trailer before the end of November, I may even buy a second pick up to use as another service vehicle and it'll be 179'ed as well. I do my best to keep my net to $0 as possible.

 

The law is the Bank Secrecy Act of 1970. Even though it states cash transactions, check deposits also fall within the definition of cash. I have been told many times previously that my bank must inform the IRS of a deposit that I've made, and they're always in check form.

Will My Bank Report a Check Deposit to the IRS?

• Cash or Check Deposits of $10,000 or More: It doesn’t matter if you’re depositing cash or cashing a check. If you make a deposit of $10,000 or more in a single transaction, your bank must report the transaction to the IRS. Your bank also has to report the transaction if you make two deposits of $10,000 or more within 24 hours of each other.
• Multiple Payments of $10,000 or More: The $10,000 threshold doesn’t apply only to cash and check deposits that you make in person. If another party deposits in your account or transfers you more than one payment of $10,000 or more within 12 months, your bank must also report the transactions to the IRS.
• Suspicious Activities: Even if your deposits don’t exceed the $10,000 threshold, your bank could still consider them worthy of reporting. The IRS requests financial institutions to watch for suspicious activity, which could mean large transactions or series of similar deposits over time. If your bank flags you for this type of activity, you might not know that you’re considered suspicious.
• IRS Audits: If the IRS audits your tax return, your bank must provide any requested reports regarding your accounts. In this case, your bank will have to report on transactions of all sizes to the IRS.

 

So make them pay you in bitcoin, or gold and let the irs find it.

Anyway…I’ve seen enough of these prices and three trucks are going up for sale with brand new 2022 Great Dane high spec
dry vans. Let’s see what this market will bear!

Edit: I don’t need my inbox full, these will be listed in the stratosphere near $300k with a new trailer because I don’t need to sell them, but I will if someone wants them badly enough.

2020 Volvo 860 Globetrotter, 505hp 201k miles with 4/500k warranty

2021 Volvo 860 505hp, 90k miles with 4/500k warranty

2020 Mack Anthem 505hp, 350k miles with 4/500k warranty.

 

Very nice. Let me know how that goes for you. I’m certainly curious. 300k is approaching serious thought about it. lol

 

Crypto can be a great investment until you have to sell it and explain where the income came from. The infrastructure bill that Brandon is trying to get the house to pass includes new laws requiring crypto exchanges to report to the IRS. So if this bill doesn't pass, count on our wealthy lawmakers to write and pass something similar in the very near future so they can get more of your money in their pockets.

 

I’m not expecting anything, but I’m going to try

 

TMC usually have the truck price listed on their ads but now you need to call for price..