The logic is simple, if the funds are legitimate, why not deposit them into a bank and them use a typical wire transfer for payment.

This and your astonished-and-surprised follow-up posts made me google this.

https://www.irs.gov/businesses/small-bu ... ence-guide



Form 8300 appears to apply to businesses. The form has business information collected, not personal.

If someone sells a plane and is not a business and is not in the business of selling planes, how does IRS 8300 apply?

I do not even see a law cited, but it appears to do with the Bank Secrecy Act of 1970 which does not apply to individuals.

Did I google incorrectly?

Here’s the deal on the money laundering part of the thread drift. Trust me, you do not want to be anywhere near anything associated with drug cartels or money laundering.

It’s not “can you sell an airplane for cash” it is definitely “should you” and the answer is no way.

Even if you are completely innocent and do nothing wrong, you could be compelled to testify against your buyer at the Federal Courthouse in Miami, FL.

Sound like fun?

The US Government takes the war on drugs and money laundering very serious. The best advice I can give anyone is stay off their radar.

"If you have nothing to hide, you won't mind me searching your car."

There's little evidence they are effective at it. Meanwhile, banks and businesses have to endure unfunded law enforcement mandates.

"If you have nothing to hide, you won't mind me searching your car."

"If you have nothing to hide, you won't mind me searching your car."

Are you sure about this?? I watched a multiple episode documentary (forgot the name) regarding the pot business and everyone in the business complained that the toughest part of their business is the fact that it is an all cash situation b/c they were not allowed to open accounts at banks---b/c gonji is still illegal in the eyes of the guberment-----And they back the banks via FDIC and other means

Maybe that has since changed but would be hard to imagine how as pot is still illegal in the eyes of the feds and the feds back most banks (FDIC).

Matt

No it does not. They take it seriously to a point.
The corruption in the drug trade reaches the highest levels on both sides of the border.
It is only when someone really goes off the reservation and starts killing too many police or judges, (e.g., El Chapo, Escobar) that they clamp down hard for a bit until another more "reasonable" character steps in.

Also, drugs are fundamentally a demand side problem, that requires a demand side solution.

Finally, am I the only one who finds it incongruous that our gov't frowns upon economic transactions using legal currency?

The form requires us to collect name, address, occupation, SSN or TIN. Personal information is indeed collected and reported.

Anyone still interested in talking about the used piston airplane market?

Inventory is critically low.

I'm told.

Jg

Inventory is critically low.

I'm told.

Jg

I'm betting if you pick a popular model out of that 900 and start calling, most if not all are sold.

I'm not in the piston world, but I do talk to a lot of brokers who are and it sounds like the piston market is exactly like the turbine market. I don't think you'll find a decent A36, Cirrus, Cessna 182, etc. that is priced right and not sold on Controller.

I even talked to Justin Pavich at Controller several weeks ago, they are concerned about the number of ads dropping and that's with the very common problem of brokers leaving ads up for weeks or months after the airplane has sold.

I would really like to see formal terms used diligently... "available", "sale pending" and "sold" (closed)

How many piston singles are there? Probably 15 or 20,000? 900 for sale sounds awfully low.

It makes sense, because people are flying a lot more GA compared to pre-Covid.

Here's a typical GA airport, KTIW.