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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10108
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I recently purchsed a vehicle and paid 12,000 cash. I

Customer Question

I recently purchsed a vehicle and paid 12,000 cash. I received a 8033 form stating purchase is reported to irs. The money was given to me, not earned by me. Do i need to add this as income on my taxes?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: 8300 form, sorry
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 5 months ago.
Category: Tax
Expert:  Lane replied 5 months ago.

Hi,

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No. Not at all.

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Gifts are completely excluded from income tax under Internal Revenue Code §102.

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These reports of purchases of over 10,000 in cash came about as part of the patriot act and are designed to prevent money laundering.

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This is the last you'll hear of it ... very common these days.

Expert:  Lane replied 5 months ago.

Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

I receive no crediting for the work here until you rate

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Thank you!

Lane

I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice since 1986

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