Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

If you buy traveler's checks for more than 10,000, will the seller report it to the IRS?

If you buy traveler's checks for more than 10,000, will the seller report it to the IRS?

10 Answers

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  • 1 month ago

    If you pay cash they will.

  • Judy
    Lv 7
    1 month ago

    no...............................................................

  • 1 month ago

    You aren't really buying them, you are converting cash to traveler's checks.

  • 1 month ago

    Only in the US.

    Traveler's Checks are considered 'cash equivalents' and treated the same as cash for legal reporting requirements.

    A Hunch: FALSE, for reporting purposes, the traveler's checks ARE cash.

    StephenWeinstein: While the reporting isn't for tax purposes, the IRS is the agency the reports are submitted through.

    Source(s): The annual update for that class at the bank where I work should be out next month.
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  • RICK
    Lv 7
    1 month ago

    No, you will report it as there is a form you must fill out and sign

  • Audrey
    Lv 7
    1 month ago

    They're required by law to report transactions over $10,000.

  • 1 month ago

    Not to the IRS, no.  But if you pay in cash, then they have to report it to another part of the Treasury Department, and you have to fill out paperwork to show that you obtained this money legitimately, and are not, for example, laundering drug money.

  • 1 month ago

    Yes.  There is a form you have to fill out.   

  • 1 month ago

    Yes, If u buy anything for that amount by law they required to report it

  • 1 month ago

    It depends on what money is used to buy the travelers checks.

    If a wire transfer = no

    If cash = yes.

    What are you going to spend your travelers checks on?  most places won't accept them. 

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