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Reciving large amounts of money from aborad

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Yeah if someone can point towards advice of how to officially find out what I have to do, or if someone knows what to do and can back it up. I'd prefer to get information from government sources as opposed to lawyers.
 
Nitti said:
Yeah if someone can point towards advice of how to officially find out what I have to do, or if someone knows what to do and can back it up. I'd prefer to get information from government sources as opposed to lawyers.
Click to expand...

Do you not have a bank account?
 
Getting lots of cash from a stranger is not illegal.

Put it like this..... Let's say you were inspired one day because of a tv show called storage wars you go out and bid on a storage unit.

Now lets also say you won the bid.
If you win the bid then everything inside is now legally yours no matter what and you assume responsibility to it 100%.

Now if you find $340,000 cash inside that room then it is yours and you do not have to do anything and mention it to anyone.
If you were moving away anyway then you can use that money as expense account.

There were some myths of people tracking down the new owner of the storage unit but they are just trolls.

If you keep asking what to do then you are a troll and this entire thread should be deleted.
 
inachu said:
Getting lots of cash from a stranger is not illegal.

Put it like this..... Let's say you were inspired one day because of a tv show called storage wars you go out and bid on a storage unit.

Now lets also say you won the bid.
If you win the bid then everything inside is now legally yours no matter what and you assume responsibility to it 100%.

Now if you find $340,000 cash inside that room then it is yours and you do not have to do anything and mention it to anyone.
If you were moving away anyway then you can use that money as expense account.

There were some myths of people tracking down the new owner of the storage unit but they are just trolls.

If you keep asking what to do then you are a troll and this entire thread should be deleted.
Click to expand...

To be fair I understand his concern given that:
1. Our tax code is about as clear as mud.
2. The money is coming from a country that has been involved with our ongoing issues with certain radical elements.
3. Unlike almost anywhere else on the planet American banks can be very parochial in dealing with foreign funds.
 
A bank here, a bank there holding the cash.
I had NO trouble moving a large sum of money.
But I contacted first and went to the foreign bank to make the transfer in person and got a few "bucks" in my pocket.
It would cost me more to not go there and make the transfer. (Lawyers)
 
Just transfer the cash to your account using a wire transfer. Fees are small.

Declare the cash, especially for USA taxes.

Why the drama? Do you have any idea how much money gets transferred every day?

Michael
 
Wire transfer will probably get flagged by the IRS, that's the issue. Could maybe try to do it in small chunks? Not sure how much time OP has though.

Wonder how feasible it would be to convert it to bitcoin then back. Idealy probably want to spread it and use more than one method.

It's actually kind of sad when we live in a world where we have to walk on egg shells because we manage to get a large sum of money, but sadly the way the world today is. The government does not like to see someone get a lot of money and will make sure to take most of it away. Sometimes large sums of money can be a bigger problem than not having it at all.

I would start with maybe a few small cheques. A couple grand here and there on an irregular basis, at multiple banks. Depends what the actual amount is. If it's 100k that is going to be harder than if it's just 1k.

With 100k, there may be some trickery involving real estate that could be made? If the sender actually buys 100k worth real estate then gives you it then you sell it? I think there's still going to be lot of taxes involved in that process though. Really you need a lawyer or financial advisor to figure out what is the best way to do it without getting dinged.

Do you have friends in Canada? If the money goes to them there is no inheritance tax in Canada. From there it might be easier to get the money into the states, perhaps in the form of consumable merchandise that you'd end up spending money on anyway. Pretty sure the border agents would flag 100k worth of toilet paper and laundry soap going through the border though so it would require some creativity. 😛
 
Nitti said:
I'm like a lost two year old, I don't trust anything outside the US. What do I do.

Amounts wise it could be anything from $1000 - $100,000 from Pakistan to the US.

I've tried talking to wells fargo, citibank etc reps but they are not very helpful
Click to expand...

Surgilube and condoms. You can wrap up 100 dollar bills and tie the condom and with the surgilube you slide them into your rectum.

Make sure you fast and clear your bowel movements, and enema.

You should be able to carry between 10 to 14k easy.
 
This money, outside the USA or inside the USA needs to be declared to the IRS if you are an American citizen or resident. Just transfer it and declare it to the IRS when you do your tax return this year.

Again, why all the drama?

Michael
 
Hugo Drax said:
Surgilube and condoms. You can wrap up 100 dollar bills and tie the condom and with the surgilube you slide them into your rectum.

Make sure you fast and clear your bowel movements, and enema.

You should be able to carry between 10 to 14k easy.
Click to expand...

Better do that with old currency vs new. They can detect new currency.
 
Michael said:
This money, outside the USA or inside the USA needs to be declared to the IRS if you are an American citizen or resident. Just transfer it and declare it to the IRS when you do your tax return this year.

Again, why all the drama?

Michael
Click to expand...

QFT, I think this poster likes "story time on AT".
 
Michael said:
Just transfer the cash to your account using a wire transfer. Fees are small.
Click to expand...

Agreed. Your bank should be able to help you through the process. it's not difficult etc.

Michael said:
Declare the cash, especially for USA taxes.
Click to expand...

If it's an inheritance there's nothing to declare. Under US tax law recipients of gifts or an inheritance pay no tax, income or otherwise.

Otherwise, funds held in a foreign bank account must be declared even if not taxable.

Michael said:
Why the drama? Do you have any idea how much money gets transferred every day?
Click to expand...

Agreed. This is a routine matter. Just talk to your banker. They should be thrilled to help you transfer $100K into your account at their bank.

Fern
 
I don't believe Pakistan is a sanctioned country on OFAC, so I don't imagine any trouble there.

Depending on the amount and frequency of the transactions, I can imagine this triggering some suspicious activity concerns at your bank. Banks are required by the Bank Secrecy Act (BSA) to submit a suspicious activity reports (SAR) if they suspect money laundering or other foul play. Frequent international wire transfers that add up to a certain threshold is one such way to trigger a SAR event, or even a single large submission that hits that threshold. This doesn't necessarily mean they'll act against you, but they may simply just take a closer look at where the funds came from and look you up on a specially designated nationals (SDN) list. Overall, you should be fine if there's no fishy business.
 
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Bitcoin

Or use it to buy bin Laden's old house and flip it on ebay.

Really though, a simple wire transfer from bank to bank is not that hard.
 
Red Squirrel said:
Wire transfer will probably get flagged by the IRS, that's the issue. Could maybe try to do it in small chunks? Not sure how much time OP has though.

Wonder how feasible it would be to convert it to bitcoin then back. Idealy probably want to spread it and use more than one method.

It's actually kind of sad when we live in a world where we have to walk on egg shells because we manage to get a large sum of money, but sadly the way the world today is. The government does not like to see someone get a lot of money and will make sure to take most of it away. Sometimes large sums of money can be a bigger problem than not having it at all.

I would start with maybe a few small cheques. A couple grand here and there on an irregular basis, at multiple banks. Depends what the actual amount is. If it's 100k that is going to be harder than if it's just 1k.

With 100k, there may be some trickery involving real estate that could be made? If the sender actually buys 100k worth real estate then gives you it then you sell it? I think there's still going to be lot of taxes involved in that process though. Really you need a lawyer or financial advisor to figure out what is the best way to do it without getting dinged.

Do you have friends in Canada? If the money goes to them there is no inheritance tax in Canada. From there it might be easier to get the money into the states, perhaps in the form of consumable merchandise that you'd end up spending money on anyway. Pretty sure the border agents would flag 100k worth of toilet paper and laundry soap going through the border though so it would require some creativity. 😛
Click to expand...

All of this. This is all wrong.

You can inherit (or receive as a gift of any type) over $5 Million and not have to pay any taxes on it. Don't do shady-ass shit to avoid taxes that you don't have to pay.
 
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