Fermion
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My wife is bugging the tar out of me worrying about taxes and structuring. Evidently she read some article about a guy who made several deposits under $10,000 and had his accounts seized by the IRS for structuring. I am telling her she is somewhat crazy, but figured I would come here and see what you guys think.
So we are selling stuff in preparation for selling our house, mostly on craigslist. Pool table we paid $3000 and sell for $1000 cash, deposit in the bank. Car we sell for $11,000 and deposit the money in the bank, then another car for $14,000 and deposit the money. Group of items for $4,000 and deposit the money. In almost every case, except possibly when we sell the pinball machines, we paid more for the items originally than we are selling them for.
Do you need to file a form with the IRS so they don't accuse you of structuring if you are making a few deposits under $10,000 but over $1,000?
Do you need to file a form if you sell a couple of cars for over $10,000 each?
So we are selling stuff in preparation for selling our house, mostly on craigslist. Pool table we paid $3000 and sell for $1000 cash, deposit in the bank. Car we sell for $11,000 and deposit the money in the bank, then another car for $14,000 and deposit the money. Group of items for $4,000 and deposit the money. In almost every case, except possibly when we sell the pinball machines, we paid more for the items originally than we are selling them for.
Do you need to file a form with the IRS so they don't accuse you of structuring if you are making a few deposits under $10,000 but over $1,000?
Do you need to file a form if you sell a couple of cars for over $10,000 each?