Posted by Mike (WA) on April 04, 2012 at 11:01:05 from (69.10.196.49):
In Reply to: Re: Cash sale posted by LAA on April 04, 2012 at 10:34:49:
Almost 40 years ago, now, my wife and I bought a horse trailer from a local guy. Several YEARS later, I got a letter from Dept. of Internal Revenue, Special Investigation Unit. Talk about making your blood run cold. . .
Inside was a copy of the check I had written to the guy for the trailer, and several questions- Was this the full transaction? Did I give anything else of value for it? Had I had any other transactions with the guy? What was his reputation in the community? Etc.
I was so relieved that it wasn't me they were after, that I didn't really think about the copy of the check at the time- they had just gone through his records, etc. But then it struck me- he wouldn't have had a copy of the check- he just deposited it or cashed it. IRS must have learned of the transaction somehow, then figured out who it was with (me), tracked down my bank account, and got the check from my bank, all without my knowledge! Kinda like the old Farside cartoon of the two guys behind the overturned covered wagon, with Indians attacking- One says to the other, "They're lighting their arrows- can they DO that?"
I thought your bank records were safe, except for subpeona after notice and a hearing. Not so with IRS, apparently- I guess they can do pretty much whatever they want.
BTW, the guy went to prison for a pretty long stretch. His name still pops up once in awhile, always in connection with a questionable transaction years ago.
The trailer transaction was legit, I guess- we had it for several years, then sold it, and no problem with the title.
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