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#781371 - 07/24/07 02:13 PM auction company
Burgess Offline
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Joined: Jan 2004
Posts: 1,620
a auction company can bring in large amounts of cash that they received from auctions. We of course would file a ctr on the auction company. But what are the auction company's responsibilites? Do they have to file ctrs on their customers? The one thing that is for sure, they do not cash customers checks, or sell t-cks, cashiers checks or money orders or stored value cards - they are not a MSB. They just have the capability of taking in large amounts of cash from a single bidder, if that person chooses to pay in cash.
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#781401 - 07/24/07 02:39 PM Re: auction company Burgess
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
In general, if they took in cash payments exceeding $10,000 in connection with one or more transactions within a 24 hour period, they would file a Form 8300 . The requirement is not unique to auction houses, it applies to all U.S. businesses.

Local customs for household auctions vary. In the communities where I have lived, the buyer makes checks payable to the seller (not the auctioneer) and the seller receives and deposits the cash. In this circumstance, if the seller is an individual, there would be no requirement to file the form 8300.
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#782092 - 07/24/07 11:34 PM Re: auction company Elwood P. Dowd
Rosie O'Grady Offline
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Rosie O'Grady
Joined: Nov 2005
Posts: 438
California
Would this be the form that auto dealers need to fill out when more than $10,000 in cash is used to purchase a vehicle? Or do they complete a CTR?

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#782099 - 07/25/07 12:05 AM Re: auction company Rosie O'Grady
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
An auto dealer would also use the 8300
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