Hi! I sold my car today for 13,000, they gave me cash and i paid off my car 12,600 and still they did a over 1

Question

10,000 transaction to report the irs, that money was not my the buyer was right there giving me the money and i gave it to the teller but she said she had to do that form, i am concern about this why she did this form i did not put it on any of my accounts.

i put it on a loan.

Answer 1

Banks are required by law to report all transactions over $10,000.  This IS NOT for tax purposes.  It is to help detect MONEY LAUNDERING and similar crimes.  You have a valid explanation of the source of the funds.  Unless you sell cars on a regular basis, neither the IRS or any other government agency will give you a second look.  A first look is not very likely.

Answer 2

Everything you want to know is right here: http://www.irs.gov/businesses/small/arti...

Answer 3

she is right cause over $10000 must have the form filled out for money laundering purposes.

Answer 4

You only need to worry if you were involved in something illegal.