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Ignore the reporting requirement. Banks are required to report large transactions but that has nothing to do with taxes, there is no special reason the IRS will or won't look at you over this. If it is more convenient for the money to go directly to the dealer, do that. If it is more convenient for the money to come to you, do that instead. Form 3520 is not required unless you receive a gift of more than $100,000 from a family member or more than $19,570 from a foreign trust or corporation.
In short, just do whatever is best for buying the car, don't worry about the bank notification rules, and don't play games.
Hi, I’m not wanting to play any games I’m just wanting to be thorough. Is there a source you can cite for this? I just want to make sure everything is in order before the funds are transferred and I make the purchase. Thank you for your help by the way!
It depends. The instructions for 3520 state if you receive More than $100,000 from a nonresident alien individual or a foreign estate (including foreign persons related to that nonresident alien individual or foreign estate) that you treated as gifts or bequests, then a form 3520 form must be filed.
According to the Bank Secrecy Act, if you receive more than $10,000 from a single payer, you must file form 8300. A person can file Form 8300 electronically using the Financial Crimes Enforcement Network's BSA E-Filing System. Those who file many forms may find the batch e-filing option helpful. E-filing is free, quick and secure. Filers will receive an electronic acknowledgement of each submission.
Those who prefer to mail Form 8300 can send it to Internal Revenue Service, Detroit Federal Building, P.O. Box 32621, Detroit, MI 48232. Filers can confirm the IRS received the form by sending it via certified mail with return receipt requested or by calling the IRS Bank Secrecy Act Helpline in Detroit at 866-270-0733.
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