Q:
What Is the Limit of Cash Deposits Before It Is Reported to the IRS?
A:
Quick Answer
Whether its one cash deposit of $10,000 or multiple transactions that add up to $10,000, cash deposits must be reported to the Internal Revenue Service (IRS) once they hit that amount if conducting trade or business. If cash deposits hit this amount, it must be reported to the IRS through Form 8300.
Continue ReadingFull Answer
If the cash is exchanged in the form of business, it must be reported to the IRS as a source of revenue. The cash can be exchanged in a variety of transactions, including rental of goods, loan repayment, the sale of goods, or exchanging cash for other cash. Businesses must file Form 8300 within 15 days of conducting the transaction.
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