Paying cash over 10K

[JTCowpoke]

So I sold some toys and have some cash on hand. I'm buying a new motorcycle for 22K and was wondering the best way to pay for it without the IRS being notified.

Do I need to just pay $9900 with cash and take out a loan for the rest and pay it off in a couple payments? If I take the cash to the bank and get a cashiers check for 22K is that the same as using cash and will be reported?

Thanks guys

[MadHatter]

Not sure on the cashiers check, but yes on the couple of payments.
A dealership will not take more than 5k though, at least the one I dealt with, he said it was company policy.

[CrownKiller14]

If buying from a dealer, the dealership should be able to get a wire transfer from your bank.

[cj7zrcool]

...and was wondering the best way to pay for it without the IRS being notified.

You probably triggered some kind of algorithm and they already know.

[JTCowpoke]

If buying from a dealer, the dealership should be able to get a wire transfer from your bank.

Are wire transfers over 10K considered same as cash and reported?

[RiverRat1]

How will the IRS not know? You'll have to register it.

But if worried about cash trail then don't ever do any transaction at the bank for 10k or more. It was that amount years ago anyway.

Maybe go put a cash deposit down for $9,900 (if they let you do that much).

But as mentioned a wire transfer would work also. I don't think they're reported like cash.

[spread5150]

Yes. Same thing.

https://www.law.cornell.edu/uscode/text/31/5324

This one has gotten a lot of people

[texasdeerhunter]

Are wire transfers over 10K considered same as cash and reported?

No. At least not typically. Even cash deposits over $10k aren’t always reported either. Only if it is “out of the ordinary”. Banks send wires all the time over $10k.

[Blank]

https://www.irs.gov/newsroom/understand-how-to-report-large-cash-transactions

[175gr7.62]

I'm pretty sure the bank has to notify the IRS via a Currency Transaction Report for anything over 10,000, that includes bank drafts, wire transfers, cashier's checks, ect.

[Tom]

I work for the IRS fraud division. I will be in touch.

[RiverRat1]

It doesn't matter if the wire is reported or not because he can verify or they can see his job deposits going into the bank.

IMO (more like wild guess) they track cash looking for those not paying taxes. You deposit 50k in cash and they want to see where you pay tax.

[JTCowpoke]

I work for the IRS fraud division. I will be in touch.

LOL, fortunately all the money is legit money. I would rather not have my name reported anywhere for spending my money.

[MadHatter]

I work for the IRS fraud division. I will be in touch.

I have a couple cases of baby back ribs with your name on em, if you want to be buddies

[Throwin Darts]

I doubt you sold your toys for more than you paid for them so it’s not like you are failing to report profits. I would just use the cash however I wanted and wouldn’t worry about it