Either way, it calls for only one Form 8300.
If a husband and wife purchased two cars at one time from the same dealer, and the dealer received a total of $10,200 in cash, the dealer can view the transaction as a single transaction or two related transactions.As part of a single transaction or two or more related transactions within 12 months.Įxamples of reporting situations Automobile dealerships.In two or more related payments within 24 hours.Reporting cash paymentsĪ person must file Form 8300 if they receive cash of more than $10,000 from the same payer or agent: It is also the sale of travel and entertainment, if the total price of all items for the same trip or entertainment event is more than $10,000. Examples are sales of automobiles, jewelry, mobile homes and furniture.Ī designated reporting transaction is also the sale of a collectible, such as a work of art, rug, antique, metal, stamp or coin. Note that under a separate reporting requirement, banks and other financial institutions report cash purchases of cashier’s checks, treasurer’s checks and/or bank checks, bank drafts, traveler’s checks and money orders with a face value of more than $10,000 by filing currency transaction reports.Ī designated reporting transaction is the retail sale of tangible personal property that’s generally suited for personal use, expected to last at least one year and has a sales price of more than $10,000. Any transaction in which the person knows the payer is trying to avoid a report.It’s also a cashier’s check (sometimes called a treasurer’s check or bank check), bank draft, traveler’s check or money order with a face amount of $10,000 or less that a person receives for: What’s cashįor Form 8300 reporting, cash includes coins and currency of the United States or any foreign country. For example, an exempt organization that receives more than $10,000 in cash for renting part of its building must report the transaction. But the organization must report noncharitable cash payments on Form 8300. See Publication 526, Charitable Contributions, for details. Note, however, that under a separate requirement, a donor often must obtain a written acknowledgement of the contribution from the organization. A tax-exempt organization doesn’t have to file Form 8300 for a charitable cash contribution.
Tax-exempt organizations are also “persons” and may need to report certain transactions. For example, dealers in jewelry, furniture, boats, aircraft or automobiles pawnbrokers attorneys real estate brokers insurance companies and travel agencies are among those who typically need to file Form 8300. Who is coveredīy law, a “person” is an individual, company, corporation, partnership, association, trust or estate. The information on the form helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities. Federal law requires a person to report cash transactions of more than $10,000 by filing IRS Form 8300 PDF, Report of Cash Payments Over $10,000 Received in a Trade or Business.
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