Cash Reporting

Question 1

For cash transactions that exceed $10,000, how long does the dealer have to file Form 8300 with the IRS?

Answer 1

 15 days following receipt of the cash.

Question 2

Multiple transactions (two or more vehicles) by the same individual over a 24-hour period totaling $10,000 or more are considered:

Answer 2

 A single transaction and must be reported

Question 3

Dealers must maintain copies of Form 8300 sent to the IRS for:

Answer 3

 Five years

Question 4

A written statement must be sent to all individuals named on an 8300 form:

Answer 4

 By January 31st of the following year.