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Level 3
posted Feb 26, 2022 7:48:24 AM

Do I need to file form 8300?

We sold our truck in 2021 for $15,000, which represented a loss of about $15,000. The cash was deposited in a checking account.

 

Do we need to file form 8300?

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1 Best answer
Expert Alumni
Feb 26, 2022 8:12:29 AM

Who Must File

 

Generally, if you're in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300.

 

A "person" who must file Form 8300 includes an individual, company, corporation, partnership, association, trust or estate.

 

You must file Form 8300 with the IRS if any part of the transaction occurs within any of the 50 states, the District of Columbia or a U.S. possession or territory (American Samoa, The Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands).

2 Replies
Level 15
Feb 26, 2022 8:01:08 AM

Not unless you are in the business of selling cars. 

Expert Alumni
Feb 26, 2022 8:12:29 AM

Who Must File

 

Generally, if you're in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300.

 

A "person" who must file Form 8300 includes an individual, company, corporation, partnership, association, trust or estate.

 

You must file Form 8300 with the IRS if any part of the transaction occurs within any of the 50 states, the District of Columbia or a U.S. possession or territory (American Samoa, The Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands).