Reportable to IRS

I agree with your assessment, it does throw a huge spotlight on the purchaser and the spotlight multiplies with each purchase. If the dealer is filing the proper form, he is likely reporting the sale anyway. The IRS, in my opinion, is mostly interested in why the purchaser is using large amounts of cash. (i.e. Where did it come from? Was it obtained legally? Did he pay taxes on it?) But, I think you already covered that. Also, the IRS has engaged in a recent campaign for tax professionals to encourage their clients to comply with this law.

 

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