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.
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
- Real estate brokers
- Insurance companies
- Travel agencies