Dealer question

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Oct 15, 2012 | 07:30 PM

#31

Verbal

Tourer

Joined: May 2012

Posts: 367

Likes: 0

From: MI

Quote:

Originally Posted by MontyD

Wrong! The $10K cash rule is for purchases also. The original quote was correct. Try buying anything with $10K CASH (when I say cash, I mean green back cash), and it will be reported to the IRS. That's the LAW!

Looks like we are both right and both wrong. According to the IRS, Form 8300 must be filed if a business is involved in a cash transaction of $10k or more. The IRS web site does not say anything about reporting between two private parties.

Oct 15, 2012 | 07:31 PM

#32

NevadaNick

Cruiser

Joined: Jun 2012

Posts: 198

Likes: 0

From: Nevada

I wrote a check for my bike and they just asked if it was good. They didnt know me and i had only been in there once and called them acouple times before i bought.