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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.
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?
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