Monday, July 12, 2010

What kinds of things can you not pay for in cash these days?

Like, are there some things that they won't let you pay for in cash? Like if it costs 850 dollars or something.

What kinds of things can you not pay for in cash these days?
Some places aren't set up to handle large sums of cash, but paper currency is legal tender and excepted universally. What ever you buy, get a receipt to prove you paid for it. Likewise, IRS requires any business to file a report on a customer for cash transactions over $10,000 (called a CRT report). They do this to investigate the possiblity of tax evasion and money laudering. But, last I heard, they were so behind on following up on these, that sometimes the CRT was over a year old by the time it gets to an IRS agent's desk.
Reply:There are a few places I can think of that won't take cash... such as small businesses that won't accept bills higher than $20. Some rental agencies (such as car rental and video kiosks) won't take cash since they want to be able to scan a credit card to insure against theft. Places like doctor's offices and certain wholesale operations often don't take cash because they aren't set up for handling money.
Reply:Rent checks and monthly bills are the main ones.





Rent, because the landlord doesn't want to risk getting robbed, and monthly bills, because it's too easy for an employee to pocket the cash, and too hard to keep a paper trail.





But if you're looking to buy something at a store, they'll take cash.
Reply:you can pay for anything in cash as long as you have it. most people don't walk around with large sums of money though, they prefer to write a check, or swipe a card. you can pay 850 in cash to some one. however if it were 850,000 no one is likely to walk around with that amount of cash on them.


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