Minnesota License Law
A Minnesota real estate agent receives a large cash payment from a buyer at closing. Under the Bank Secrecy Act, what reporting obligation exists?
ANo reporting is required for real estate transactions
BCash transactions over $10,000 must be reported to FinCEN using IRS Form 8300✓ Correct
COnly banks must report large cash transactions, not real estate agents
DAll cash transactions regardless of amount must be reported
Explanation
The Bank Secrecy Act requires real estate businesses to report cash transactions over $10,000 to FinCEN (Financial Crimes Enforcement Network) using IRS Form 8300. This anti-money laundering requirement applies to real estate agents and title companies.
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