Best way to get paid for selling RV?
A lot of cash doesn't seem like a good idea. Certified checks can be forged. Wire transfer?
Forum Discussion
Ralph Cramden wrote:dryfly wrote:
Unfortunately, you don't want to raise a red flag by large CASH deposits.
The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.
It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).
Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?
So if I sell my RV for $25 K cash I need to deposit $9999.00 now, another $9999.00 6 months from now, and in a year deposit the remaining $5002.00. Sure would not want to get in pickle and accused of money laundering. Might get toted off to the state or fed pen? Someone might think I'm pushing crack or Oxycontin? I wonder if the dealers (RV) have that problem when making deposits on cash deals?
Some of the things people worry about on RV boards never ceases to amaze. Better off to stuff it in the mattress or bury it in mason jars out back LOL.
Never heard of form 8300. The bank will file a ctr form 104 for any cash transaction over $10,000. It is not illegal to transact more than $10k but the ctr creates a formal record of the transaction. In an by itself it does nothing but now the gov knows it occurred who was the transactor and who was the beneficiary of the transaction.
Doing what you suggest is probably worse. ( $9999 and less in multiple transaction). Banks have complex monitoring capabilities to identify this kind of activity which is called “structuring”. If the bank identifies this they will submit another form to FinCen (financial crimes enforcement arm of the gov) called a SAR (suspicious activity report). A sar as the name implies indicates suspicious activity.
Don’t get me wrong. I do NOT want the gov in my business but a choice between a single ctr that is explainable and a sar, I will take the ctr
