Form 8300 IRS
If, in a 12-month period, you receive more than $10,000 in cash from one buyer as a result of a transaction in your trade or business, you must report it to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) on 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 Form 8300 (sp), Informe de Pagos en Efectivo en Exceso de $10,000 Recibidos en Una Ocupacion o Negocio.
Who Must File 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 Form 8300. For example, you may have to file Form 8300 if you are a dealer in jewelry, furniture, boats, aircraft, or automobiles; a pawnbroker; an attorney; a real estate broker; an insurance company; or a travel agency. Special rules for clerks of federal or state courts are discussed later under Bail received by court clerks.
What Is Cash?
Cash is:
- 1. The coins and currency of the United States (and any other country), and
- 2. A cashier’s check, bank draft, traveler’s check, or money order you receive, if it has a face amount of $10,000 or less and you receive it in:
- a. A designated reporting transaction (defined later), or
- b. Any transaction in which you know the payer is trying to avoid the reporting of the transaction on Form 8300.