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<p>[QUOTE=&quot;fatima, post: 1252631, member: 22143&quot;]An interesting question:&nbsp; What is the cash reporting requirement of legal tender precious metal coins?&nbsp;&nbsp; Is an ASE = $1 and a AGE = $50?&nbsp; &nbsp; A literal interpretation of this particular IRS regulation <a href="http://www.irs.gov/businesses/small/article/0,,id=148821,00.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.irs.gov/businesses/small/article/0,,id=148821,00.html" rel="nofollow">Form 8300</a> would say this is what one should do.&nbsp;&nbsp; </p><p><i><b>What does “cash” mean for the purposes of Form 8300?</b></i></p><p><i>Cash is money. It is currency and coins of the United States and any other country. </i>Note that if a personal check is used to pay for the transaction, there are no reporting requirements.&nbsp; </p><p><br /></p><p>It&#039;s a rhetorical question, however.&nbsp;&nbsp; This particular law was written to catch drug dealers laundering money.&nbsp; This is why it excludes personel checks.&nbsp; It allows the FBI and other drug enforcement agencies to use the tax laws to take down drug king pins.&nbsp; For the most part, it&#039;s irrelevant in terms of the IRS using it to determine capital gains.&nbsp; </p><p><br /></p><p>A party&#039;s (individual or business) tax liability is solely determined by what is filed on the tax form with the IRS.&nbsp; The IRS may however contest it and at that time can request several kinds of audits or proof.&nbsp; As long as no obvious fraud is at play, they give plenty of opportunities for the party to work with them to come to a settlement if it is contested.[/QUOTE]</p><p><br /></p>

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