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Old 07-05-2018
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Default Banks, Paypal Checks and Form 8300

I currently make about 1 grand a month with Ebay and Paypal. I usually request checks to be sent to me and I would go on ahead and cash out the check. My question here is, since by the end of the year, i would of cashed out $12k at a Wells fargo, on my 10th month.. would i have to fill out the form 8300 at the bank? Has anyone gone through this process yet?

Last edited by Card; 07-05-2018 at 07:12 PM.
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Old 07-06-2018
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Default Re: Checks and form 8300

Not sure this applies to you unless you are depositing CASH of 10k or more.

According to the IRS/FinCen:

Filing Form 8300. 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 a Form 8300.

I use Wells Fargo myself and routinely deposit check far in excess of what you are doing with you PayPal checks and don't have any issues.

If unsure of your specific reporting requirements, I would recommend you seek the help of a Tax Advisor, such as a CPA.
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