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Level 3
January 19, 2024

FORM 8300

  • January 19, 2024
  • 2 replies
  • 0 views

I am confused the filing requirement of the recipient. If a home jewelry business sale his products to the relatives and neighbors totaling $12,000 in cash in a year from multiples customers and each customers payment does not exceeded over 1,000, does this business need to file 8300?   

2 replies

IRonMaN
Level 15
January 19, 2024

No

Slava Ukraini!
Intuit Community Champion
January 31, 2024

This is from the instructions for form 8300. "Generally, if you're in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300".

here is link: https://www.irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000.

Also see: https://www.irs.gov/businesses/small-businesses-self-employed/irs-form-8300-reference-guide#typeofpaymentstoreport