Anyone transport over 10K currency from overseas through USA customs?

[NetWareHead]

I'm just wondering what the procedure is if you have more than this amount of money on you when returning from a foreign country. There is a form that needs to be filled but what I'm not finding is what happens when the customs agent processes that form.

Are you pulled to the side and is the money pulled out and counted? Do they have to verify anything with the IRS? Does this significantly lengthen the time needed to re-enter the US? You fill out the form on the airplane declaring you have over 10K and then what?

 

[FoBoT]

it gets put into the federal database

if FBI - DEA determine you are a drug mule, they arrest you
if IRS decides you didn't pay taxes, they audit you/sue you/take all your stuff/money

https://help.cbp.gov/app/answers/detail/a_id/447

Failure to declare currency in amounts of over $10,000 can result in its seizure.

Information on the FinCEN 105 is provided to the Internal Revenue Service (IRS), and they determine whether or not the importation of monies constitutes income subject to taxation.

 

[radhak]

I am guessing this is a hypothetical question?

You can fill the form even before; see the Custome and Borders site for more info; read other links at the bottom.

I am thinking you should just get $10 less than $10,000 and you are exempt.

But then, I've not asked the obvious question - you don't want go thru a bank transfer because...? (Or a travellers cheque or Western Union )

 

[surfsatwerk]

Is it drug money?

 

[Capt Caveman]

I can think of several better ways of handling this. Bringing cash would probably be the last option.

 

[NetWareHead]

I can think of several better ways of handling this. Bringing cash would probably be the last option.

Your suggestions would be most welcome. These are Euros in case that makes a difference.

 

[NetWareHead]

I am guessing this is a hypothetical question?

You can fill the form even before; see the Custome and Borders site for more info; read other links at the bottom.

I am thinking you should just get $10 less than $10,000 and you are exempt.

But then, I've not asked the obvious question - you don't want go thru a bank transfer because...? (Or a travellers cheque or Western Union )

Cant get a bank account in foriegn country because of non-resident status. Therefore the cash has to come back via person on the airplane, which is why I am asking about the 10K declaration.

 

[T_Yamamoto]

Doesn't it have to be bills for this rule to take effect?

 

[ichy]

Just fill out the declaration form when you enter the country. It's not a big deal.

Do NOT attempt to get around the rules. If they catch you coming in with over $10k in cash that you didn't declare you could get in serious trouble even if the money is perfectly legal.

 

[ichy]

Edit:

Here's the form you need to fill out http://www.fincen.gov/forms/files/fin105_cmir.pdf

 

[Svnla]

You have to file a form (form 105) if you take anything over 10K into (from another country) or out of the US (to another country).

You don't have to do anything if you are inside the US. I would keep the withdraw receipt(s) with me just in case.

 

[FoBoT]

since you probably didn't read my link, i'll post this

The requirement to import currency on a FinCEN 105 does not apply to imports of gold bullion.

enjoy your time in FPMITAP


do you think rich/famous people have to declare their expensive gold encrusted Rollex watches each time they enter/leave countries?

 

[mnewsham]

Basically buy gold

Depending on how much "money" you need to transport you could go with 1000G bar or something (~50k IIRC)

 

[NetWareHead]

since you probably didn't read my link, i'll post this


enjoy your time in FPMITAP


do you think rich/famous people have to declare their expensive gold encrusted Rollex watches each time they enter/leave countries?

Thanks and I did read your link but I'm not interested in using the money to buy gold watches or gold bullion to get around this. not to mention gold bars would be heavy as hell to transport in a carry-on suitcase or in person. I need the cash. I'm not interested in messing with the gold exchange rate or going to see a gold dealer while abroad.

 

[mnewsham]

Thanks and I did read your link but I'm not interested in using the money to buy gold watches or gold bullion to get around this. not to mention gold bars would be heavy as hell to transport in a carry-on suitcase or in person. I need the cash.

How much money are we talking here? $160,000 USD in gold is about 6.25lbs

 

[FoBoT]

Thanks and I did read your link but I'm not interested in using the money to buy gold watches or gold bullion to get around this. not to mention gold bars would be heavy as hell to transport in a carry-on suitcase or in person. I need the cash.

then you are going to have to pay the taxes
just fill out the form , declare your suitcase of euro's/cash, IRS will either send you a bill or more properly, you contact a CPA/tax attorney for the right way to pay the taxes and go about your merry, non-FPMITAP life

have a nice day

 

[Pantoot]

Thanks and I did read your link but I'm not interested in using the money to buy gold watches or gold bullion to get around this. not to mention gold bars would be heavy as hell to transport in a carry-on suitcase or in person. I need the cash.

I don't know exactly how much you are talking about bringing, but $10k in gold would weigh about 6 ounces. I think you could manage to fit it into a carry-on.

Go to a bank and wire the money to your account in the US, or get a bank check, either way is safer and easier than cash.

 

[NetWareHead]

OK...fair point on the weight of gold...I had no idea what each dollar amount of gold roughly weighed. But like I said, I dont want to have to deal with a gold dealer or the fluctuating gold rates.

This is the full story, my mother is in Italy at the moment claiming part of a family business that was sold. She also does not want to deal with any gold transactions either. She went there to help wrap up the transaction with her family and have some vacation time to herself. She is returning to the US with that $$$ and I need to best way to assist her in traveling back to the states.

I'm thinking because she is not a US citizen, any income earned abroad does not have to be reported so even if she does file the over 10K paperwork at customs, it won't have any particular tax ramifications. Any advice?

 

[FoBoT]

i highly advise you get tax advise on this from a CPA/tax attorney, not the interwebz
if you fill out the form and declare the cash, be it 5000, 100,000, or twelve millions euros, i think the only issue is taxes

and i am not the person to ask, but i find it hard to believe the US and/or Italian govts won't try to take a big %, but then i am on the interwebz. i advise talking in real life to a tax attorney or at least a CPA , in real life, for this much $$$$$$

best of luck to you OP

 

[ichy]

Just because you declare the money to customs doesn't mean you'll have to pay taxes on it. Income is taxed, money carried across borders is not.

 

[BladeVenom]

Is it drug money?

It is if the government says it is. People are innocent until proven guilty, money on the other hand is guilty until proven innocent.

So if they think it's drug money, they'll confiscate it. If you have that much cash, they'll likely assume it's drug money.

 

[surfsatwerk]

It is if the government says it is. People are innocent until proven guilty, money on the other hand is guilty until proven innocent.

So if they think it's drug money, they'll confiscate it. If you have that much cash, they'll likely assume it's drug money.

I agree he's moving drug money.

 

[radhak]

OP, you (or your mom) can do this much simpler than carrying cash. Beyond the tax implications, cash has other risks. Other options are -

a. Walk into an American Express kiosk, hand over Euros, get Travellers Checks in appropriately small values. Arrive in US, cash in for local money. Best because you don't lose your money even if you lose the TCs.

b. Walk into any local bank and get a certified bank cheque, or whatever they call it there. When in US, open an account and deposit the cheque. (or make it out to cash or something and just take cash)

c. Purchase 'prepaid credit cards' (plenty of options available) using cash. When here, use like credit card, or cash in.

Some of these options (a or b) might still involve submitting the for FIN105, with restrictions. Read the form. Prepaid cards don't need to be reported, they are just credit cards; but you pay a tad higher fee.

 

[CPA]

Is she a resident (does she have a green card or how long has she lived in the US) or non-resident alien?

 

[sdifox]

Cant get a bank account in foriegn country because of non-resident status. Therefore the cash has to come back via person on the airplane, which is why I am asking about the 10K declaration.

whut? you can setup an account at say HSBC and access it globally.