Hey guys,

So I just purchased my Porsche about a month ago and I just received something in the mail from the dealership that they filled out the it's form 8300. I guess it's a requirement for them if anyone pays more than 10,000 via cash,check, money order, etc.

Obviously they are looking for large suspicious transactions I guess? But I just basically put 25% down on the Porsche

My questions is: Is this just a requirement for the dealership or will this affect me? Should I keep this form and let my tax person know at the end of the year or something?

 

I thought the form was just for "cash" (the items listed in Part III, line 32). And the purpose was to make sure the criminal element trying to launder cash by taking garbage bags of cash to a dealer to purchase a car would be reported by the selling dealer. Personal checks aren't "cash" for this form.

 

Dude, you're going to jail! Just kidding. It is standard practice and a requirement. I don't think there is anything you need to do.

http://www.irs.gov/Businesses/Small-...0000-Form-8300

 

Haha ok got it. Thanks for the link