- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
IRS Form 8300 after the purchase of a vehicle
Hello,
In early December I sold my old car for $15,000 ($2,000 less than what I bought it for if that's relevant) and I purchased a different car that day for $13,000 cash from a dealership. About two weeks later I received a IRS form 8300 from them and a notice that it was reported to the IRS. My question is how does this effect my taxes? From what I've read, I don't have to report this on my annual taxes.
Thank you for your time,
Anthony
In early December I sold my old car for $15,000 ($2,000 less than what I bought it for if that's relevant) and I purchased a different car that day for $13,000 cash from a dealership. About two weeks later I received a IRS form 8300 from them and a notice that it was reported to the IRS. My question is how does this effect my taxes? From what I've read, I don't have to report this on my annual taxes.
Thank you for your time,
Anthony
Topics:
1 Best answer
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
IRS Form 8300 after the purchase of a vehicle
IRS Form 8300 is Report of Cash Payments Over $10,000 Received in a Trade or Business. It is used to help prevent money laundering.
You do not report it on your tax return.
2 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
IRS Form 8300 after the purchase of a vehicle
IRS Form 8300 is Report of Cash Payments Over $10,000 Received in a Trade or Business. It is used to help prevent money laundering.
You do not report it on your tax return.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
IRS Form 8300 after the purchase of a vehicle
Thank you!
Still have questions?
Make a post
Or browse the Forums