Skip to content
Thread Options
#781371 - 07/24/07 02:13 PM auction company
Burgess Offline
Diamond Poster
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.
My views, not my employer's views.

Return to Top
#781401 - 07/24/07 02:39 PM Re: auction company Burgess
Elwood P. Dowd Offline
10K Club
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.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#782092 - 07/24/07 11:34 PM Re: auction company Elwood P. Dowd
Rosie O'Grady Offline
Gold Star
Rosie O'Grady
Joined: Nov 2005
Posts: 438
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?

Return to Top
#782099 - 07/25/07 12:05 AM Re: auction company Rosie O'Grady
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 79,637
Galveston, TX
An auto dealer would also use the 8300
The opinions expressed here should not be construed to be those of my employer:

Return to Top

Moderator:  Andy_Z