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Submitted: 2 years ago.Category: Tax
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Answered in 5 minutes by:
2/24/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
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Customer reply replied 2 years ago
I recently put a down payment on a new ford explorer 2016.. I put 13k cash as a down payment a few months ago. When I did ask them about it they said we can take care of that and give you a 4K check back so it looks like you only put 9k down They never informed they would be filing out a form 8300 and reporting it to the irs. They have now informed they did file a form 8300 on me, so what does that mean? Are they going to comb through my checking accounts? If I knew they were going to do this # ***** I would have never put more than 10K cash on the car. So what happend now? what is the IRS going to do?
Tax Professional: Lev, Tax Advisor replied 2 years ago

There is nothing wrong with that reporting.
That will not affect your tax return and will not affect your refund.

Why Report These Payments?

Drug dealers and smugglers often use large cash payments to “launder” money from illegal activities. Laundering means converting “dirty” or illegally-gained money to “clean” money.

The government can often trace this laundered money through the payments you report. Laws passed by Congress require you to report these payments. Your compliance with these laws provides valuable information that can stop those who evade taxes and those who profit from the drug trade and other criminal activities.

So far - that reporting does not affect regular taxpayers.

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