I've sold cars professionally within the past 5 years. 10k cash required IRS documents.

Just get a total amount and return with a cashiers check.

I think you are overthinking things. Anything over 10 grand requires reporting. Bank deposits over 10 grand require reporting. A pattern of this type of reporting with NO VISIBLE MEANS of income spells trouble. Small businesses deal with this amount of cash on a regular basis,

Who cares how you pay? The USG will be able to find you and your money no matter the means you use (cash, check, etc,). Buying a car is so pretty common with loans, bank transfers, etc. The problem is if you walk into a dealership with a wad of cash totaling $10K. How many of us ever have that much cash on our person?

quote:

How many of us ever have that much cash on our person?

Lots of people. Heck, I'm in front of open safes all of the time. I probably see regular people with more than $10K in cash in their home safes at least twice a day.

quote:

Originally posted by Gustofer:
$9999. No muss no fuss.

That would be a clear instance of structuring, which is also a federal felony.

The forms being discussed aren’t about checking tax liability per se, they’re to prevent money laundering. Any cash transaction of $10k or more requires that a Currency Transaction Report (CTR) be filed. I’m not expressing my opinion on the law one way or the other but the aim of these laws is to make it difficult for people to spend money from ill begotten gains. It would be drawing unwanted attention to one’s self to spend large amounts of money that far exceed what someone earns so they make it difficult to do that, hence the money laundering statutes. Finding potential tax violations would be like an added bonus. For example even drug traffickers are expected to pay taxes on their criminal gains. Failure to pay those taxes, as incriminating as that may be does actually expose criminals to additional penalties.

quote:

Originally posted by sig2392:
Payments made via wire transfer, personal checks, or credit/debit cards are not considered cash and do not trigger the reporting requirement.

Because the government can trace those anyway.

I was discussing this topic today and I found out something else. If you transfer over 10k from one account to another, at the same bank, they will file a transfer report for that too. Who told me this, my bank. Insane.

When I bought a new car last year, I offered to pay them cash(it was over $10K) and they said no no no, just come back tomorrow with a check and it will be easier for both of us. So that is what I did.

quote:

Originally posted by Johnny 3eagles:
I just wrote a personal check for a bit over $40k for a car. Nobody cared.

Same, but it was a $25k down payment on my last 4 wheeled vehicle purchase. Not a peep. Paid by personal check. Financed the rest.

$10,000 cash in this sense means 100 $100 bills or cash equivalent, not a check or money order.

I sold a car for $44k about 10 yrs. ago. Buyer wired me $22k. I delivered the car to him in LA and he handed me $22k in wads of $100 bills. I didn't want to spend the weekend in LA with that kind of cash, so I bee lined it for the nearest share branch of my credit union. Mind you, this was Burbank, all the big studio lots within sight, so I figured plenty of big players around there. That bank teller acted like she had never seen that much cash, had to get her boss, they didn't know what form to file, asked for Mrs. Lee's and my IDs. It was a real fiasco. I never heard about it again and it was totally on the up and up.

BTW, this is how they got Dennis Hastert.

I have to produce ID to deposit any amount of cash into my business checking account. So stupid.

quote:

Originally posted by sandman76:

I have to produce ID to deposit any amount of cash into my business checking account. So stupid.

Credit Union teller demanded ID from me for a business deposit that was just a couple thousand. I told her that any attempted withdrawal should be verified, but anybody who wanted to put money into my account as a straight deposit (no cash back) should not be questioned. I don't care if it's a Martian wearing a pink bunny suit. Manager got involved. I asked him, what if I send an employee to make the deposit for me? Or how about if I use a messenger service? ID for somebody making a deposit is unnecessary and meaningless.

Rather than having this discussion every time I made a deposit, I just started to use the Night Deposit drop box. Way easier, no standing in line, no discussion, just drive up to the very secure night deposit box and drop the envelope.

I had a deadbeat customer long ago who was bouncing payments for the insurance policy I wrote for him. He swore I had the wrong account number and that he had plenty of money in the bank, even though the bounces came back as NSF. I went to that bank and deposited $1 into his account and they took it. They didn't ask for ID. Then I called him and asked him to check for that deposit.