Alan, are private indivituals exempt from this?
Edit: Not really. If you're in a trade or business, you're required to report. So, if you're doing business as Easy Jack's Used Car Sales and receive $11,000, you have to report. If you're Jack Smith selling the family Buick for $11,000, no requirement to report, as no trade or business.
Who must file. 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 Form 8300. Any transactions
conducted between a payer (or its
agent) and the recipient in a 24-hour
period are related transactions.
Transactions are considered related even
if they occur over a period of more than
24 hours if the recipient knows, or has
reason to know, that each transaction is
one of a series of connected
transactions.
Note this also:
Multiple payments. If you receive more
than one cash payment for a single
transaction or for related transactions,
you must report the multiple payments
any time you receive a total amount that
exceeds $10,000 within any 12-month
period.
Here's the Form 8300:
irs.gov;
Also, I wonder when this figure of $10,000 was instituted and what is the inflation adjusted value in today's money?
The $10,000 figure has been around for quite a while and has not been indexed for inflation. |
