Cash deposit over $10000.00

[spyr]

I just sold my car for cash for $17000.00. I deposited all $17000.00 cash into my wachovia bank account in one transaction.

Do I need to report this to the IRS?
Is this type of cash transaction legal?

ABE

 

[Antigone*]

I just sold my car for cash for $17000.00. I deposited all $17000.00 cash into my wachovia bank account in one transaction.

Do I need to report this to the IRS?
Is this type of cash transaction legal?

ABE

The only people who need to be scare of this type of transaction are drug dealers and money launderers. Your bank reported the cash deposit to the IRS as a part of their legal reporting requirements, there is nothing illegal about what you did.

I will leave the answer to your first question to one of the tax professionals.

 

[tranquility]

Do you sell cars as part of your trade or business?

 

[spyr]

Do you sell cars as part of your trade or business?

I sold the car because I did not need the car. I am not in the business of selling cars.
Do you think I will have to pay taxes on the $17000.00 cash deposit?

ABE

 

[tranquility]

How much did the car cost? How long ago? Did you use the car, in any way, for business? Did you ever deduct depreciation or mileage on the vehicle?

 

[spyr]

How much did the car cost? How long ago? Did you use the car, in any way, for business? Did you ever deduct depreciation or mileage on the vehicle?

I bought the car new for $21000.00 about 3 months ago. I did not use it for business, only personal use. The car had about 4000 miles on it.

 

[tranquility]

It does not seem you have any reporting requirements to the IRS.

 

[davew128]

Hmm, the last time someone had an issue with this, he was Client #9.

So Mr. Governor, are you engaging in any illegal activity involving prositution?