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kcozy
June 4, 2019
Question

If I paid $15,000 cash for a car after saving for 15 years from gifts I was going to use for a big trip, the dealer sent form 8300 to gov'e, will this trigger an audit?

  • June 4, 2019
  • 1 reply
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    V
    Vanessa11_2
    Employee
    June 4, 2019

    No, the IRS does not penalize you for saving money. They only care that you report income. Gifts received are not taxable income. If applicable, the gift tax is on the giver, not the recipient.

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    K
    kcozyAuthor
    June 4, 2019
    I wondered though would this trigger an audit.  I heard that it can since they put this form in some database to track cash amounts over 10,000.
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