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"Currency Transaction Report"

Discussion in 'Off Topic' started by Modeler, Apr 19, 2013.

  1. Modeler

    Modeler Molalla, Oregon Soccer Fan

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    We just sold my wife's car today for cash. We took the car to our credit union and met the seller to complete the sale. He brought cash, we did the paperwork in the lobby and then walked up to the teller to have the cash counted and deposited into our account to pay off the loan. The CU advised us that a "Currency Transaction Report" (CTR) had to be filed since the cash amount was over $10,000. He did it electronically, we walked out and went online to transfer the funds to the out-of-town CU to pay the loan.

    Has anyone ever done a CTR before? What is done with it? Is there some sort of a tax impact for this transaction?
     
  2. nwdrifter

    nwdrifter troutdale oregon Active Member

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    IRS will get flagged
     
    Meat and (deleted member) like this.
  3. letrain

    letrain toledo,wash Active Member

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    Not unless it was profit. You are only allowed to gift someone 9,999$ a year. Or its counted as income. Being that you were selling a car you shouldn't have to. There is no federal sales tax. If they were just giving you 10,000 then its supposed to be reported. But you sold an item. So you didn't gain any money since you already traded $$$ for a vehicle.

    Sent from my Galaxy Nexus using Tapatalk 2
     
  4. drew

    drew OR Well-Known Member

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    I believe its in place to prevent money laundering so you should be fine. I've done no research though.
     
  5. letrain

    letrain toledo,wash Active Member

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    That's exactly why. If you were acquiring a vehicle for free and selling it multiple times it might. But you were just settling for what you owe. No big deal.

    Sent from my Galaxy Nexus using Tapatalk 2
     
  6. BAMCIS

    BAMCIS Eugene Well-Known Member

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    Been there done that. Don't worry about it. Not a big deal. If you make several transactions that trigger a "currency transaction report" over a period of a few months then the feds MAY want to have a chat with you. Reasons as described above, money laundering.
     
  7. Modeler

    Modeler Molalla, Oregon Soccer Fan

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    Ok, cool. That's what I thought, but I wanted to ask.