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

[NetWareHead]

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

She has been a resident in this country for over 30 years with a green card and retained her Italian citizenship.

 

[NetWareHead]

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

Ok...good to know. What I meant is that she tried to open an Italian bank account and was denied on residency reasons. I wonder if she can open a US bank account from Italy...

 

[CPA]

She has been a resident in this country for over 30 years with a green card and retained her Italian citizenship.

Then it's taxable. See the green section in this pdf.

More info.

The long and short of it, is that income, no matter where derived, is taxable to a resident alien. However, there is a form she will need to file so as to avoid double taxation.

 

[Capt Caveman]

Why not wire directly to US bank account?

Also, if the bank account is with a large US bank, they may have a branch in the Italy(ie. Chase/JP Morgan) where you can either deposit directly to that account or be able to open an account than transfer/wire afterwards.

And as others have mentioned, converting them to travelers checks. They'll be insured and safer to carry around.

 

[jagec]

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.

Exactly. OP, DON'T DO IT, transfer the money through a bank or even Western Union to avoid getting it wrongfully confiscated.

 

[slag]

I agree he's moving drug money.

Yep. Better keister it.

 

[Bazake]

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 )

From my banking days, I recall that if it appeared that someone was trying to circumvent the $10k cash limit, we had to fill out a "suspicious transaction report" which basically contained the same info as the other form. I would assume it's the same for customs.

 

[Blain]

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.

Words of wisdom

 

[Xcobra]

Then it's taxable. See the green section in this pdf.

More info.

The long and short of it, is that income, no matter where derived, is taxable to a resident alien. However, there is a form she will need to file so as to avoid double taxation.

I don't understand why it would be taxable. It may be if the sale of the business was never reported on her US returns (which she should be filing given she is a greencard holder). OP, I think the only tax question to worry about here is whether the sale of the business (if I read it correctly) was reported on her US returns. If the IRS sees that amount of money flowing in, they will question it and if she didn't report the transaction, it's gonna get serious.

EDIT: I have to say that I have no idea how the IRS gets informed when you file form 105. It's still a tax risk I suppose.

 

[tommo123]

don't americans have to pay taxes to US gov, even if they've been abroad for years and earning the money in that foreign country?

 

[manimal]

https://www.paypal.com/us/cgi-bin/w.../general/International_Money_Transfer-outside


Non E cosi difficile. Chiama un mafioso e loro ti aiutano lol

 

[sdifox]

I don't understand why it would be taxable. It may be if the sale of the business was never reported on her US returns (which she should be filing given she is a greencard holder). OP, I think the only tax question to worry about here is whether the sale of the business (if I read it correctly) was reported on her US returns. If the IRS sees that amount of money flowing in, they will question it and if she didn't report the transaction, it's gonna get serious.

EDIT: I have to say that I have no idea how the IRS gets informed when you file form 105. It's still a tax risk I suppose.

Amerikansy are supposed to pay Uncle Sam on global income.

 

[NetWareHead]

https://www.paypal.com/us/cgi-bin/w.../general/International_Money_Transfer-outside


Non E cosi difficile. Chiama un mafioso e loro ti aiutano lol

si che mi aiutera a suo prezzo. e dopo, sono in debito con il mafioso. davvero una bell'idea

 

[manimal]

si che mi aiutera a suo prezzo. e dopo, sono in debito con il mafioso. davvero una bell'idea

lmao

 

[Svnla]

As others said, you must declare the money or could face trouble, up to losing the whole thing to the government.

I haven't take INTO the US that much cash but I did take OUT and showed the Custom guy the form and that was it.

 

[sunzt]

pfft just walk through without saying anything. They're not gonna check unless you tell them. If anyone asks, just tell them it was a gift from a wedding or something and tell them you didn't know it had to be declared.

 

[ichy]

pfft just walk through without saying anything. They're not gonna check unless you tell them.

That is astonishingly stupid advice.

 

[xanis]

don't americans have to pay taxes to US gov, even if they've been abroad for years and earning the money in that foreign country?

Amerikansy are supposed to pay Uncle Sam on global income.

You can claim exemption if you make less than USD $95,100/year.

http://www.irs.gov/Individuals/International-Taxpayers/Foreign-Earned-Income-Exclusion

 

[Rumpltzer]

She has family in Italy. They wire the money to her US bank account. It's that easy.

Does she really want to be carrying >$10K in cash? Is it even in USD?

Wiring is what needs to be done.



If she has no bank account in the US, then maybe her son has one? If not, send me a PM and we can work it out through my bank accounts. You can trust me; I'm a Nigerian prince.

 

[NetWareHead]

She has family in Italy. They wire the money to her US bank account. It's that easy.

Does she really want to be carrying >$10K in cash? Is it even in USD?

Wiring is what needs to be done.

We explored that option but then if any of my family in Italy deposited the money to wire it, they would be subject to taxation which is why Mom wanted to bring it here. Its done already though. Mom filled out the necessary paperwork and made it through customs fine. We will deal with the taxation issues here if anything arises.

 

[rsutoratosu]

i did before, i didn't decalre it, i dont wire because its a fving rip off, exchange rate and fees. I wouldn't do it now as its a bit harder but if you are travelling with like 2-3 people together, you can split the 10k or up to 30k

 

[DCal430]

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?

You can make secret pockets in your clothes and hide the money in there, if you don't want to declare it. We did this once, but that was Pre-911. Each person had around 5 to 10,000 on them, and around 50 to 100K total, don't remember the exact amount, was too long ago. In the end no one noticed the hidden pockets.

 

[ichy]

You can make secret pockets in your clothes and hide the money in there, if you don't want to declare it. We did this once, but that was Pre-911. Each person had around 5 to 10,000 on them, and around 50 to 100K total, don't remember the exact amount, was too long ago. In the end no one noticed the hidden pockets.

Wow, the suggestions just get dumber and dumber. If you pull shit like that and get caught you will lose all the money you're bringing with you and face criminal charges even if the money itself was obtained completely legally.

 

[alkemyst]

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 )

It's truly not about $10k or not. $10k is where it's mandatory. An agent can put an investigation on even $2000 if they wanted/had suspicion.

 

[alkemyst]

You can make secret pockets in your clothes and hide the money in there, if you don't want to declare it. We did this once, but that was Pre-911. Each person had around 5 to 10,000 on them, and around 50 to 100K total, don't remember the exact amount, was too long ago. In the end no one noticed the hidden pockets.

Why would you be carrying this amount of cash and need to risk getting hit with a felony?

Sounds like a cool story to tell on the internet though.