I believe the banks have to report cash deposits of over 10K.

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10K is the IRS mandatory, the rules go farther to report anything suspicious most banks have software that will automatically generate a report. The most common is fools depositing less than 10K while attempting to stay under the threshold the fact of the matter is $1000 is enough to cause a report on some accounts.

I don't know about buying but I have sold three of my own houses over the years without the alleged "benefit" of a real estate agent involvement. All I did was hire an attorney at a very reasonable cost to do the paperwork and make sure the transaction went legally. I was able to sell the houses at a much lower price since there was no commission to pay and split the saving with the buyer. Everyone made out except the blood-sucking real estate agents.

I would imagine a buy could be done the same way

Bingo!


http://www.irs.gov/businesses/small/article/0,,id=148821,00.html

FAQs regarding Reporting Cash Payments of Over $10,000 (Form 8300)

What does “cash” mean for the purposes of Form 8300?

Cash is money. It is currency and coins of the United States and any other country. Cash is also certain monetary instruments - a cashier’s check, bank draft, traveler’s check, or money order - if it has a face amount of $10,000 or less and the business receives it in:
A “designated reporting transaction” as defined in Treas. Reg. section 1.6050I-1(c)(iii) (generally, a retail sale of a consumer durable, a collectible, a travel or entertainment activity) or
Any transaction in which the recipient knows the payer is trying to avoid the reporting of the transaction on Form 8300.

Is a personal check considered cash for reporting on Form 8300?
Personal checks are not considered cash.

What is the definition of a transaction?
A transaction is the underlying event resulting in the transfer of cash. Examples include:
Sale of goods, services or real or intangible property
Rental of goods or real or personal property
Cash exchanged for other cash
Establishment, maintenance of or contribution to a trust or escrow account
A loan repayment
Conversion of cash to a negotiable instrument such as a check or a bond

What is a designated reporting transaction?

Generally, a designated reporting transaction is the retail sale of any of the following:
A consumer durable, such as an automobile or boat. Property is generally a consumer durable if it is tangible personal property (not real or intangible property) that:Is generally suited for personal use,
Is expected to last at least one year under ordinary use, and
Has a sale price of more than $10,000.
A collectible (such as a work of art, rug, antique, metal, gem, stamp, or coin)
An item of travel and entertainment (if the total sales price of all items for the same trip or entertainment event is more than $10,000).

What you are talking about is the IRS rule there are banking sub rules that are much more stringent than the $10,000 rule. If a person deposits $4000 cash into an account that has not had that kind of deposits it will trip a report, if they bring cash in to pay off a loan, it will trigger a report. If you try to trickle money in an account to stay under the radar it will trigger a report.

I took the exam last week and am proud to say I scored 100% on that PIA

If it doesn't go to the bank it triggers no report.

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