Originally Posted by BMWcoupe335ii
You don't seem to understand, I had to give this info to the IRS, not the dealer. In this situation it's not about cash being king it's about how you got the cash. The IRS wants to know EVERYTHING especially when your purchasing a 50k+ car cash. It's even worse when your trying to mortgage a house.
My wife's uncle paid over 1 mil. for an ordinary 5-bed house, cash. He did not have to provide his pay stubs to the IRS, what is the point? Granted, he did not show up at the closing in a sweat suit with a bowling bag full of 100's. Are you saying the IRS audited you, which is something different altogether? The only reason the IRS should be auditing you is if you do not have an income where you could realistically come up with whatever 45 or 55k for the car. It's like saying you gave 300k to the United Way, but you work at Best Buy and make 19k per year. Something is not jiving in your story. Maybe there are details that you are leaving out. Paying cash for a car is very commonplace, and there is nothing at all illegal or suspicious about it. My wife bought her 2011 car cash, and it was over 40k. What was interesting, is that when my wife offered to get a cashier's check, the dealer said a personal check is fine and would be easier.