Will receiving 10k+ checks trigger Form 8300 reporting requirements for banks?

Form 8300 reporting requirements generally apply to cash transactions over $10,000, not to certified checks. Banks do file Currency Transaction Reports (CTRs) for cash transactions over $10,000, but certified checks don't trigger this specific reporting. However, that doesn't mean the deposit won't receive any attention. Banks monitor for unusual activity through Suspicious Activity Reports (SARs), which can be filed for any transaction that seems out of pattern for your account. The bank doesn't typically notify you if they file a SAR. I'd recommend keeping documentation showing why you're receiving these funds - like the permission from your company to sell the equipment and the sales agreement. Consider letting your bank know ahead of time about the incoming large deposit to avoid any account holds or freezes while they investigate an unexpected large transaction.

I had a similar situation last year and discovered https://taxr.ai which was super helpful for figuring out all the reporting requirements. I was selling some valuable collectibles and was worried about large deposits triggering something with the IRS. Their system analyzed my situation and confirmed I didn't need to file Form 8300 since I wasn't receiving cash, but they did point out some other tax considerations I hadn't thought about. Might be worth checking out if you want peace of mind about the transaction.

Just wanted to update after trying taxr.ai from the previous comment. I was honestly surprised by how helpful it was for my situation. I uploaded my sales documents and bank statements, and it confirmed I didn't need to worry about Form 8300 for my transactions since they weren't cash. But it did flag that I needed to report the income on Schedule C since I was doing this regularly enough to be considered a side business. Saved me from potentially miscategorizing my income and getting flagged for an audit. Definitely worth checking out if you're dealing with unusual income situations.

If you're worried about potential issues with the IRS, you might want to check out Claimyr at https://claimyr.com - I used them when I had a similar situation with a large deposit that triggered some questions. Was impossible to get through to the IRS on my own (kept getting disconnected after waiting forever), but Claimyr got me connected to an actual IRS agent within about 20 minutes. They have a demo video of how it works here: https://youtu.be/_kiP6q8DX5c. Definitely less stressful than trying to figure out if you're handling everything correctly on your own.

After seeing the Claimyr recommendation, I decided to try it because I was stressing about a somewhat similar situation. I was totally skeptical (as my reply above shows lol) but wow, it actually works exactly as advertised. After trying for literally 3 days to get through to the IRS myself, I used their service and was talking to an actual IRS agent in about 25 minutes. The agent confirmed that certified checks don't trigger Form 8300 requirements for the recipient, though the bank might still file their own reports for large deposits. They recommended keeping documentation showing the source of funds just in case there are questions later. Definitely worth it for the peace of mind alone.

One thing nobody's mentioned - while Form 8300 might not apply, you definitely need to report this income on your taxes! $45k is significant money and the IRS will notice if it doesn't show up somewhere on your return. Make sure you understand if this should be reported as personal income, capital gains, or business income depending on your specific situation with your employer.

Just to give another perspective - I work at a bank and while we don't require Form 8300 for certified checks, we do file Suspicious Activity Reports for unusual transactions. A sudden $45k deposit that's out of pattern for your account will definitely get noticed by our systems. It doesn't mean you're in trouble, but you might get some questions. Best approach is to be proactive - go to your bank, explain the situation before the deposit, and bring documentation. Much better than dealing with a temporarily frozen account while they investigate!

As someone who's dealt with similar large deposits from asset sales, I'd recommend being extra careful about the tax implications beyond just Form 8300. Since your employer is giving you permission to sell company equipment and keep the proceeds, this could potentially be treated as taxable compensation rather than a simple sale. The IRS might view the fair market value of those tablets as additional income from your employer, which would need to be reported on your W-2. I'd suggest clarifying with your company's HR or accounting department how they plan to handle this tax-wise - whether they'll report it as compensation to you or if they expect you to handle it as personal income. Getting this sorted out beforehand could save you from surprises at tax time, especially with such a substantial amount involved.

Great thread with lots of helpful information! I wanted to add something that might be useful - when dealing with large legitimate transactions like this, consider opening a separate business checking account if you don't already have one. Since you're essentially conducting a business transaction (selling equipment with your employer's permission), having a dedicated business account can help establish the legitimacy of the transaction and make record-keeping cleaner for tax purposes. Also, regarding the tax implications that others have mentioned, you might want to consult with a tax professional before completing the sale. The treatment of this income (whether as compensation, capital gains, or business income) could significantly impact your tax liability. Given the substantial amount involved ($45k), the cost of a consultation would likely be worth it to ensure you're handling everything correctly from both a reporting and tax optimization standpoint. Keep all documentation related to your employer's written permission, the sale agreement, and any communications about how your company plans to handle the tax reporting. This paper trail will be invaluable if any questions arise later.

This is a great example of why it's so important to understand the difference between various reporting requirements! Just to clarify a few key points that have come up in this thread: Form 8300 is specifically for businesses receiving cash payments over $10,000 - since you're receiving certified checks, this doesn't apply to you as the recipient. However, your bank will still monitor the transaction and may file their own reports (CTRs or SARs) based on the size and your normal account activity patterns. The tax implications are definitely the bigger concern here. Since your employer is essentially giving you company property to sell and keep the proceeds, the IRS will likely view this as taxable compensation rather than a simple personal sale. I'd strongly recommend getting clarification from your company's payroll/HR department about whether they plan to report this as additional compensation on your W-2, or if they expect you to handle it as miscellaneous income. Given the amount involved, it's probably worth a consultation with a tax professional to make sure you're categorizing and reporting this correctly. The last thing you want is to underreport $45k in income or report it in the wrong category. Keep all your documentation (the written permission from your company, sales agreements, etc.) - you'll need it for your taxes and potentially to show your bank if they have questions about the deposits.

Just want to echo what others have said about being proactive with your bank - I had a similar situation last year with a large equipment sale from my previous job. Even though certified checks don't trigger Form 8300, my bank still flagged the deposit because it was way outside my normal account activity. I ended up having to provide documentation about the sale and wait 3 business days for them to release the hold on my account. What really helped was calling my bank's business banking department (even though I just had a personal account) and explaining the situation beforehand. They made a note in my file and the deposit went through smoothly when I brought in the check along with my employer's written permission and the bill of sale. One thing I learned is that banks are much more understanding when you're transparent upfront rather than trying to explain after they've already flagged the transaction. The bank representative actually thanked me for giving them a heads up and said it made their job much easier. Definitely worth a quick phone call before you make the deposit!

I'm a tax professional and wanted to add some clarity on the reporting requirements and tax implications that have been discussed. You're correct that Form 8300 doesn't apply to certified checks - that's specifically for cash transactions over $10k. However, the more complex issue here is how this transaction should be treated for tax purposes. When an employer allows employees to sell company property and keep the proceeds, the IRS typically views this as additional compensation, not a personal sale. This means the fair market value of those tablets (around $45k) would likely need to be reported as taxable wages on your W-2. Your employer should be handling the tax withholding and reporting on this, not leaving it up to you to figure out. I'd strongly recommend getting this sorted out with your HR/payroll department BEFORE completing the sale. Ask them specifically: 1) How do they plan to report this transaction? 2) Will they treat it as a bonus subject to supplemental wage withholding? 3) Do they need documentation of the final sale price? This could significantly impact your tax liability - $45k in additional wages could push you into higher tax brackets and affect other aspects of your return. Much better to understand the tax treatment upfront than deal with surprises at filing time.

I appreciate everyone's detailed responses - this has been incredibly educational! Based on what I'm reading, it sounds like I need to tackle the HR/payroll question first before even worrying about the banking side. The potential tax implications of having $45k treated as additional wages are much bigger than I initially realized. I'm going to schedule a meeting with our HR department this week to get clarity on exactly how they plan to handle this transaction. Specifically, I want to understand if they'll report it as compensation, how they'll handle any required withholding, and what documentation they'll need from me about the final sale price. For the banking piece, I'll definitely give my bank a heads up once I have clarity from HR about how this will be categorized. It sounds like being proactive and transparent with documentation is the key to avoiding any account holds or complications. Thanks especially to the tax professional who pointed out the wage vs. personal sale distinction - that could have been a very expensive mistake to figure out at tax time! This community has been incredibly helpful in breaking down all the different reporting requirements and considerations.