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Old 06-18-2010
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Default Spending Money

Hi everyone, I heard that dealership may complain on you to
tax service etc. in case you buying expansive car. Who know the limit to stay in shadow?, is there state difference, payment type.?
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Old 06-18-2010
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Per the IRS:

Any persons who receive more than $10,000 while conducting their trade or business must file a Form 8300. The $10,000 may occur in a single transaction, or a series of related transactions.

This only applies to CASH transactions. In addition to that, all financial institutions are required to report any cash transactions over $10k as well.

My question is...

Wouldn't you be afraid of carrying that much cash???
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Old 06-18-2010
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Most major banks will report anything over 5k even though the law only requires 10k. Mind you this is cash and not checks.
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Old 06-18-2010
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If you are spending big money, you are making big money. You should be paying tax. That's between you and the IRS. Not this forum

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