Is money brought into the US taxed?

[jenni17 36]

Is money that is wired from a foreign country to the US taxable income? My fiance wants to wire me money (a small amount, less than 10,000) before he travels to my bank account. After he is here and has set up his own account he will wire the rest of his savings. Do we have to pay taxes on this money or declare it in any way if its being wired? Does it make a difference that the first transaction would be going from his bank account to mine, vs the second where it would be going from one of his own accounts to another?

Thanks!

[David & Diana R 1,005]

Is money that is wired from a foreign country to the US taxable income? My fiance wants to wire me money (a small amount, less than 10,000) before he travels to my bank account. After he is here and has set up his own account he will wire the rest of his savings. Do we have to pay taxes on this money or declare it in any way if its being wired? Does it make a difference that the first transaction would be going from his bank account to mine, vs the second where it would be going from one of his own accounts to another?

Thanks!

WOW! This is VERY DANGEROUS. You ned to consult with a TAX EXPERT, not VJ members. Do not count on my advice or anyone else's when it comes to INTERNATIONAL MONEY LAUNDERING... which coulod be implied here by US authorities. There are international laws regarding the transfer of money. I WOULD NEVER ALLOW SOMEONE TO WIRE MONEY FROM A FOREIGN BANK TO MINE, but that's just me.

Aloha Ke Akua

Edited September 10, 2013 by David & Zoila

[jenni17 36]

WOW! This is VERY DANGEROUS. You ned to consult with a TAX EXPERT, not VJ members. Do not count on my advice or anyone else's when it comes to INTERNATIONAL MONEY LAUNDERING... which coulod be implied here by US authorities. There are international laws regarding the transfer of money. I WOULD NEVER ALLOW SOMEONE TO WIRE MONEY FROM A FOREIGN BANK TO MINE, but that's just me.

Aloha Ke Akua

How do you recommend that someone who is moving to the United states bring their money with them then? In cash in their pocket on the plane?

WOW! This is VERY DANGEROUS. You ned to consult with a TAX EXPERT, not VJ members. Do not count on my advice or anyone else's when it comes to INTERNATIONAL MONEY LAUNDERING... which coulod be implied here by US authorities. There are international laws regarding the transfer of money. I WOULD NEVER ALLOW SOMEONE TO WIRE MONEY FROM A FOREIGN BANK TO MINE, but that's just me.

Aloha Ke Akua

And I would hardly call an amount less than 10,000 dollars "money laundering"

[Harpa Timsah 13,258]

It is not taxed. You can bring in as much as you want. Have to declare anything over 10K at the border, just declare, not tax.

[David & Diana R 1,005]

How do you recommend that someone who is moving to the United states bring their money with them then? In cash in their pocket on the plane?

And I would hardly call an amount less than 10,000 dollars "money laundering"

jenni17,

I did not say it was money laundering. I said the US government might question and or suggest this. I am not accusing you of anything. I know a person can bring CASH to the US AS LONG AS IT IS DECLARED prior to his takeoff from his country, but I CANNOT TELL YOU how to do this. You should consult with an expert. A tax expert should also be consulted. Don't take my word for it or anyone's on VJ.....GET EXPERT ADVICE!!!

And yes, some people enter the US with brief cases full of cash...but you need to know what you are doing.

Just saying this is what I would do....I would seel professional advice from QUALIFIED EXPERTS, not strangers on VJ.

Aloha Ke Akua

[David & Diana R 1,005]

It is not taxed. You can bring in as much as you want. Have to declare anything over 10K at the border, just declare, not tax.

Harpa,

You have to read her entire question. She is also asking if he can wire money to her US bank account. You an EXPERT on this? US Tax Advisor???

Edited September 10, 2013 by David & Zoila

[Darnell 8,478]

not take anyone's advice on VJ about wiring monies and implications thereof?

Really? Wow. O K.

[David & Diana R 1,005]

not take anyone's advice on VJ about wiring monies and implications thereof?

Really? Wow. O K.

Darnell,

I said I WOULD not. But then again I am a law enforcement officer and I work for the courts....but that's just me. I am very careful about what I do. I would not take any chances...but then again I am very conservative and really don't want to go to prison...

[Harpa Timsah 13,258]

Harpa,

Ypou have to read her entire question. She is also asking if he can wire money to her US bank account. You an EXPERT on this? US Tax Advisor???

Yes, you can wire money to a US account. The US bank will automatically report the wire and the account if required.

Am I a tax advisor? No, I just have a brain.

And you don't go to prison for having money. A lot of HWFO-ery. Yes, I said it! lol

Edited September 10, 2013 by Harpa Timsah

[jenni17 36]

Harpa,

Ypou have to read her entire question. She is also asking if he can wire money to her US bank account. You an EXPERT on this? US Tax Advisor???

Ok, let's calm down. Obviously if we were talking about obscene amounts of money I would consult with a tax advisor first. It's not an alarming amount, I asked on VJ because finding a way to transfer savings to the US without carrying it on your person on the plane is something that almost every person immigrating to this country has to navigate.

I appreciate your concern about me consulting with my accountant. I will do that, however I would also like to what other VJ members have done in order to transfer their savings to their accounts in the US.

[Darnell 8,478]

Darnell,

I said I WOULD not. But then again I am a law enforcement officer and I work for the courts....but that's just me. I am very careful about what I do. I would not take any chances...but then again I am very conservative and really don't want to go to prison...

You could certainly point the OP to posts prior here on VJ, stuff that you found using the advanced search tool (best done on a PC)

your posts smell inflammatory, at the moment, in this topic. Maybe that's just me.

[jenni17 36]

It is not taxed. You can bring in as much as you want. Have to declare anything over 10K at the border, just declare, not tax.

Thank you, that's what I thought, just wanted to confirm!

[aamirpearl 47]

Is money that is wired from a foreign country to the US taxable income? My fiance wants to wire me money (a small amount, less than 10,000) before he travels to my bank account. After he is here and has set up his own account he will wire the rest of his savings. Do we have to pay taxes on this money or declare it in any way if its being wired? Does it make a difference that the first transaction would be going from his bank account to mine, vs the second where it would be going from one of his own accounts to another?

Thanks!

Y nt bring in cash? he wont give any tax. i brought 3K.

[jenni17 36]

Y nt bring in cash? he wont give any tax. i brought 3K.

It's risky to travel with cash, we don't want to risk him getting robbed in the airport..

[David & Diana R 1,005]

Yes, you can wire money to a US account. The US bank will automatically report the wire and the account if required.

Am I a tax advisor? No, I just have a brain.

And you don't go to prison for having money. A lot of HWFO-ery. Yes, I said it! lol

Yes, and I have no brain...that's why I am suggesting that a person that wants to wire money from an account in a foreign country to an account in the US should have professional advice. And you are exactly correct...THE BANKS WILL NOTIFY THE FEDERAL AUTHORITIES IF NEED BE. That is the exact reason I would suggest one have professional advice. I don't care if they do it...I am just trying to help them, using caution.

And yes you don't go to prison for having money...I never said that. But ignorance of the law is no exception...