another POE question

[VisagirlNJ 0]

Why does immigration need to know if you're bringing over 10k. Fiance will be bringing about $15k with him. He's afraid they'll wnat to tax him or something. Does anyone know why one needs to declare anything over 10k?

Can he buy some kind of check or money order that can be cashed here so he doesn't have to have to much cash on him? He might also transfer the money to my account to make it easier but he s coming this week and he says there is a bank holiday this weekend.

Anyone bring over a lot of money as well?

[shirlJ831 0]

Why does immigration need to know if you're bringing over 10k. Fiance will be bringing about $15k with him. He's afraid they'll wnat to tax him or something. Does anyone know why one needs to declare anything over 10k?

Can he buy some kind of check or money order that can be cashed here so he doesn't have to have to much cash on him? He might also transfer the money to my account to make it easier but he s coming this week and he says there is a bank holiday this weekend.

Anyone bring over a lot of money as well?

I am not sure the purpose of asking except for tax purposes maybe. My sister had alot of money when she came from Canada to the US she had it transferred through banks brought a little cash with her and went to the back later to withdraw.

[kml_36 0]

hello m8

could you please post your name, passport size photo & information on your intended POE & i will PERSONALLY pick you (& your money) up

[Jaylen Brit 0]

They won't tax you on UNEARNED income

The US EMbassy site for Uk says this:

The transportation of currency or monetary instruments, REGARDLESS OF AMOUNT IS LEGAL; however, if you take out of or bring into the United States more than $10,000 (U.S. or foreign equivalent, or a combination of the two) in coin, currency, traveler's checks or bearer instruments such as money orders, personal or cashier's checks, stocks or bonds, you are required BY LAW to FILE a report on Form 4790 with the United States Customs Service. If you have someone else carry the currency or instruments for you, you must also file the report. FAILURE TO FILE THE REQUIRED REPORT OR FAILURE TO REPORT THE TOTAL AMOUNT YOU ARE CARRYING MAY LEAD TO THE SEIZURE OF ALL THE CURRENCY OR INSTRUMENTS, AND MAY SUBJECT YOU TO CIVIL PENALTIES AND/OR CRIMINAL PROSECUTION

It doesnt say WHY tho - so possibly to make sure you aren't bringin in the proceeds of crime?

Why not have him take his limit of 10k and he can wire himself the rest after arrival?

OK I checked a legal forum on this question and they say that IS the reason - to prevent proceeds of crime and possible money laundering operations.

Money that is taxed in the UK (from sale of property or earnings) should NOT be liable to tax in the US as they have an agreement about it.

Non taxpayers should not be affected (as the money brought on is obviously NOT earned) - I checkd the non taxpayers part with the Inland Revenue just last week on the phone.

[jen&darcy 0]

I would have to agree with the other posts. I would have him wire or transfer the difference and not bring over more than $10K. Why take the chance if you don't have to.

Just my thought.

[desert_fox 32]

Its just part of the watchout for drug money, etc., that might have been laundered in some off-shore account. Just wanna make sure that you arent some kind of courier of illegally transferred funds.

[clloyd 0]

The wire transfer will get reported as well.

http://help.customs.gov/cgi-bin/customs.cf...li=&p_topview=1

As well, once you are a resident for tax purposes, you must report to the treasury department if you have a financial interest or signature authority over accounts with an aggregrate total exceeding $10,000.

http://www.irs.gov/pub/irs-pdf/p4261.pdf

Edited April 29, 2006 by clloyd