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

Question

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

Answer 1

If you pay cash they will.

Answer 2

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

Answer 3

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

Answer 4

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.

Answer 5

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

Answer 6

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

Answer 7

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.

Answer 8

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

Answer 9

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

Answer 10

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.