Thinking about purchasing a Mobile Home priced at 25,000 dollars. I want to pay cash without running afoul of the 10,000 dollar legislation concerning putting in ortaking out 10K or more. Can I write three checks (Certified or Cashiers or whatever each under the 10K limit all adding up to 25K. Cash is in safety deposit box and not in any bank account. Question, what is the best way to pay 25K for the Mobile |Home..........
These are called structuring laws, and it is not a big deal if you fill out what is called a CTR report and provide it to the IRS. It should be understood that structuring withdrawals or deposits to avoid reporting them to the IRS is a felony crime. However, there is no requirement that you have to make all of the payments at once. Indeed, it would be common for a real estate transaction for their to be a down payment, and then a monthly payment made for the next six months. It is very important to have written contracts governing the purchase of property and that all payment terms be included in the written document. In this case it should include the down payment amount, the monthly payment amount, and the number of monthly payments that will be made.
Experience: