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Cashing out your bullion when its time, tax question ?
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<p>[QUOTE="Nyatii, post: 2740249, member: 85686"]It's $10,000.</p><p><br /></p><p><font size="6"><b>Form 8300 and Reporting Cash Payments of Over $10,000</b></font></p><p><font size="5"><b>Form 8300 – Is Your Business Filing the Proper Cash Transaction Forms?</b></font></p><p>Has your business ever received a large cash payment, and you were not quite sure what your reporting obligations were regarding that large payment? The general rule is that you must file Form 8300, <i>Report of Cash Payments Over $10,000 Received in a Trade or Business</i>, if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions.</p><p><br /></p><p><br /></p><p><br /></p><p>That is true, but they have to prove it.</p><p><br /></p><p><br /></p><p><br /></p><p>Yes, but they won't prosecute unless you are talking a lot of money, and that varies by area of the country (cost of living). Unless....they just want to make an example.[/QUOTE]</p><p><br /></p>
[QUOTE="Nyatii, post: 2740249, member: 85686"]It's $10,000. [SIZE=6][B]Form 8300 and Reporting Cash Payments of Over $10,000[/B][/SIZE] [SIZE=5][B]Form 8300 – Is Your Business Filing the Proper Cash Transaction Forms?[/B][/SIZE] Has your business ever received a large cash payment, and you were not quite sure what your reporting obligations were regarding that large payment? The general rule is that you must file Form 8300, [I]Report of Cash Payments Over $10,000 Received in a Trade or Business[/I], if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions. That is true, but they have to prove it. Yes, but they won't prosecute unless you are talking a lot of money, and that varies by area of the country (cost of living). Unless....they just want to make an example.[/QUOTE]
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