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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I tried to start a truck company and it failed. I sold the

Customer Question

I tried to start a truck company and it failed. I sold the truck on ebay and a guy gave me 12000 cash. His address on Ebay is in Mexico without a street No. Do I have to fill out an 8300 form. I can't get his ss or ein no.s. I made the mistake of depositing the 12000 in the bank
Submitted: 5 months ago.
Category: Tax
Expert:  Lane replied 5 months ago.

Hi,

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No. This is a private part car sale.

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If selling car WERE you business, then yuo'd have to complete the 8300.

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The bank may want s form for a cash deposit of 10,000+, but you should list the sale as a private party sale.

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Not the name of the form; "Report of Cash Payments Over $10,000 Received in a Trade or Business"

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Selling trucks is not your trade or business.

Expert:  Lane replied 5 months ago.

You can see this here, in IRS Publication 1544:

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https://www.irs.gov/publications/p1544/ar02.html

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From there: "However, you do not have to file Form 8300 if the transaction is not related to your trade or business. For example, if you own a jewelry store and sell your personal automobile for more than $10,000 in cash, you would not submit a Form 8300 for that transaction."

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")

JustAnswer will not credit me for the work unless you do.

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Thank you!

Lane

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

Customer: replied 5 months ago.
5 star thank you. ***** Big relief. Thank you
Expert:  Lane replied 5 months ago.

You're very welcome ... Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …is thanks enough!

That's the only way I'll be credited for the work here

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Thank you,

Lane