According to Inman News contributor,¬†Stephen Fishman an attorney and tax expert, “The IRS says that a cash rebate paid to a buyer of property at or after closing is an adjustment in the price, and is therefore not taxable income to the buyer. This will, of course, increase any potential profit when the home is sold.Since they are not taxable income, such rebates need not be reported on Form 1099-MISC.

Under the Bank Secrecy Act, enacted by Congress to combat money laundering, banks must report all deposits, withdrawals and other cash transactions over $10,000.

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