I see a lot of you guys saying to only take cash. How do you feel about walking into a strangers home/property with maybe 10K in cash??? Do you feel comfortable walking around town with that kind of cash on you???
I was looking at a late model 4020 a few year ago. The guy had the tractor in the Cedar Rapids paper. He clearly stated CASH money only. Wanted $10K for a low houred 1972 JD 4020. He gave me direction to a farm out in the middle of no where. Not a house in site other than this barn. He jumps out of his truck with three other fellows. He wants me to follow him into the barn. I am carrying my pistol. I kind of flip open my coat so they can be seen. The fellows with him get all kind of fidgety after that. Guess what?? There is was no tractor in the barn. He claimed his brother must have moved it. I then pulled my pistol out and watched the guys as I got into my pickup and left.
Think he was wanting to make some easy money off an old fellow???
So I tell any one with anything over a few hundred dollars they can call my bank and talk to the manager before I get there. He can tell them I never have written a bad check. I have done wire transfers right over the phone too. They can call their bank and make sure the money is there. If they still want cash only then they can sell to some other fool.
Another thing you guys need to think about. It is the IRS. If you are audited you need to prove what you have paid for things or received if you sold some thing. It is a lot harder with cash even with a receipt. I sold a JD 4430 a few years ago. The guy paid for half of it with cash. I wrote the receipt for the full amount. I was audited that year. I had to get that fellow to sign an affidavit stating that he had only given me that much cash. It was a real pain in the butt. The auditor really thought he had me cheating on the cash amount.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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