Are you expecting a little extra cash from a sale? The IRS would like to know. Individuals, corporations, and partnerships engaged in a trade or business must report cash transactions of more than $10,000.
These cash payments can include jewelry sales, an overseas purchase, or any other cash transaction. You also need to report cash payments received in one lump sum, in two or more related payments within 24 hours, or as part of a single transaction or two or more transactions in the last year.
File Form 8300, titled Report of Cash Payments Over $10,000 Received in a Trade or Business. This form requires information about the benefactor and the recipient of the cash, a description of the transaction, and information about any other parties involved.
*This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov7
Footnotes And Sources
- IRS.gov, May 17, 2023
