proceeds from auto sales?

[nataleee]

hello, my question is this..i want to sell my suv(98'montero sport) yet im hesitate because..1) i just recently bought it/less than a year 2)have not filed taxes in a couple of years/traveling and odd jobs 3) asking around 20k 4)depositing that much $ in my joint account w/ my mom....Am i subjected to any type of investigation by irs or bank..anything u might know that i dont, just asking your oppinion, thankyou.
N

p.s. traded in acura(8k)put 5k down and paid the rest over 6 months or so..mostly from borrowed $. Half the proceeds go to people i borrowed from, the other % will go to another car or to live off of...a/s/a/p
thanks again

 

[Tracey]

Your tax liability is huge unless you can prove you made so little money that you didn't have to file. Taxes, penalties, interest, jail..... Also, if you put the money in a joint account, mom can take it all. Get your own account.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.