I brought a car for $16000 with some cash

[Expression]

Hi, I spent 13,000 cash on a car and the other funds credit card. They sent this information  to the IRS. the car dealership sent me a letter of a code. What will happen now? 

I never reported anything funds

[KarenL4]

Hi,

The car dealership was just complying with the need to report cash payments over $10,000 received in a trade or business.  Per the IRS website this is used:  "to track individuals that evade taxes and those who profit from criminal activities. Although the cash reporting requirements apply to many types of businesses, auto dealerships frequently receive cash in excess of $10,000 and are required to comply with the filing requirements."

This does not mean you did anything wrong, it's just a reporting requirement to car dealers that they must meet when they receive large amounts of cash. The government then decides if they want to follow up more.

Hope this helps!

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Regards,

Karen

TurboTax Expert

[Expression]

Will it become a issue in my life?

[KarenL4]

Dear Expression,

While we cannot directly answer the question about whether the filing of Form 8300 related to your auto purchase will cause an issue in your life, we can provide you with these resources.

• Here is the IRS Form 8300 Reference guide
• Here is the Financial Crimes Enforcement Network's "Contact us" page if you have further questions about the Bank Secrecy Act.

Hope this helps.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

Regards,

Karen

TurboTax Expert