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IRS Form 8300 after the purchase of a vehicle. Hello, In early December I sold my old car for $15,000 ($2,000 less than what I bought it for if that's relevant) and I purchased a different car that day for $13,000 cash from a dealership. About two weeks later I received a IRS form 8300 from them and a notice that it was reported to the IRS.
The IRS Form 8300 is only used by a Trade or Business. Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file this form. December 19, 2023 4:28 PM.
A "person" who must file Form 8300 includes an individual, company, corporation, partnership, association, trust or estate. You must file Form 8300 with the IRS if any part of the transaction occurs within any of the 50 states, the District of Columbia or a U.S. possession or territory (American Samoa, The Commonwealth of the Northern Mariana ...
February 2, 2020 5:51 PM. Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file Form 8300. For example, you may have to file Form 8300 if you are a dealer in jewelry, furniture, boats, aircraft, or automobiles; a pawnbroker; an attorney; a real estate ...
If I paid $15,000 cash for a car after saving for 15 years from gifts I was going to use for a big trip, the dealer sent form 8300 to gov'e, will this trigger US En United States (English) United States (Spanish) Canada (English) Canada (French)
If you are depositing $10,000 or more in Cash, the bank is required to report the transaction on Form 8300 to the IRS. But as Lisa said, if the cash came from a legal source then there should be no problems.
The form 8300 reporting requirement was delayed by the IRS. The form that you are looking at now is designed to report cash transactions greater than $10,000 between individuals and businesses and it was not set up to handle digital assets - as you have seen - so the reporting requirement was delayed. That's the good news.
February 22, 2020 2:55 PM. No it is not an audit flag. IRS Form 8300 is Report of Cash Payments Over $10,000 Received in a Trade or Business. It is used to help prevent money laundering. There is nothing for you to do with the form. Keep for your record of the payment. February 23, 2020 1:24 PM.
The Form 8300 is only for cash received in a trade or business, not personal gifts so you do not have to report this. The Form 3520 would only apply if the gift was for more than $100,000 from a nonresident alien individual so you do not have to report. January 21, 20225:43 PM. Thank you for your feedback.
Because you paid in cash and it was over $10,000, the dealer just needs to report this transaction to the IRS. You have no reporting requirement for this transaction. June 4, 2019 9:10 PM