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Question for Coin/PM Dealers
BAJJERFAN
Posts: 30,992 ✭✭✭✭✭
We know that if a customers buys more than $10K worth of stuff from you that you have to file a Form 8300 if he gives you more than $10K in cash. So what is the ruling if he sells something to you and wants cash? Do you have to report if you give him more than $10K in cash?
theknowitalltroll;
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
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Give Me Liberty or Give Me Debt
I believe the reporting burden is placed on the receiver of the cash.
Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business
Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file this form.
A casual seller wouldn't be considered to be in a trade or business.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
I believe the reporting burden is placed on the receiver of the cash.
Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business
Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file this form.
A casual seller wouldn't be considered to be in a trade or business.
and appears it is limited to those who "receive."
Give Me Liberty or Give Me Debt
I guess it doesn't matter if you are a casual seller or business if it is interpreted as BOTH parties in the transaction.
Too many positive BST transactions with too many members to list.
I believe the reporting burden is placed on the receiver of the cash.
Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business
Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file this form.
A casual seller wouldn't be considered to be in a trade or business.
and appears it is limited to those who "receive."
Yep, ceded that the recipient would be the reporter IF it was reportable. If a dealer would give you more than $10K would you be required to report it? I don't think so, given that the requirements specify people in the business. A few years back I bought about $7500 in gold from my local dealer. He was quick to remind me that I had about $2500 left in cash that I could spend there in the next year. When I sold him about $6K worth of coins for cash, he made no mention of any remaining limit for how much cash he could give to me.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
It reads "Each person.....must file this form". Is that each person who RECEIVES money or each person involved in the transaction?
I guess it doesn't matter if you are a casual seller or business if it is interpreted as BOTH parties in the transaction.
An example given from an IRS page was if a jeweler sold $11K in jewelry for cash he had to report it. If he sold his car for $11K in cash, he didn't need to report it.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
http://taxmap.ntis.gov/taxmap/pubs/p1544-001.htm