Here’s what people should know about reporting cash payments

In IRS by MSA

Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments.

Who’s covered

For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust or estate. For example:

  • Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs and antiques
  • Pawnbrokers
  • Attorneys
  • Real estate brokers
  • Insurance companies
  • Travel agencies 
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