Is money brought into the US taxed?

[h13rma 35]

I did it all the time, no problem. As long as it is properly reported on your tax return its no issue. Over $10k is reported but so what if you aren't doing anything illegal then who cares if its reported. Ignorance of the law is indeed no exception, but paranoia is not much use either.

The money is not reported on a tax return. The banks report it for you. It's not income - it's moving money.

The money is not reported on a tax return. The banks report it for you. It's not income - it's moving money.

I did it all the time, no problem. As long as it is properly reported on your tax return its no issue. Over $10k is reported but so what if you aren't doing anything illegal then who cares if its reported. Ignorance of the law is indeed no exception, but paranoia is not much use either.

It was for me as its income paid from abroad, but if its savings then no it isn't. Edited September 10, 2013 by h13rma

[Jo Së 200]

Not sure if anyone mention this, but there is no limit on the amount of money that can be taken out of or brought into the United States. However, if a person or persons traveling together and filing a joint declaration (CBP Form 6059-B) have $10,000 or more in currency or negotiable monetary instruments, they must fill out a "Report of International Transportation of Currency and Monetary Instruments" FinCEN 105 (former CF 4790).

If assistance is required, a Customs and Border Protection (CBP) Officer can help with filling out the form.

Please be aware, if persons/family members traveling together have $10,000 or more, they cannot divide the currency between each other to avoid declaring the currency.

For example, if one person is carrying $5,000 and the other has $6,000, they have a total of $11, 000 in their possession and must report it on a FinCEN 105. If a person or family fails to declare their monetary instruments in amounts of over $10,000, their monetary instrument(s) may be subject to forfeiture and could result to civil and criminal penalties.

The FinCEN 105 can be obtained prior to traveling or when going through CBP

I got the information from the US Customs and Border Protection website.

https://help.cbp.gov/app/answers/detail/a_id/195/kw/bringing%20money%20to%20usa/session/L3RpbWUvMTM3ODgzMTAzNC9zaWQvZDNBTGItemw%3D

[c12h22oh 11]

Почему вы задаете вопрос, вы уже знает ... Dammm man !!

[Morningmist 76]

What other people have DONE and GOTTEN AWAY WITH does not mean it's okay. You do what you want. 10k is a magic number but then again the IRS also monitors amounts close to that, or multiple transfers from one account to another below the 10k threshold.

Good by and good luck

Aloha Ke Akua

You do realize that you can only wire money from a legitimate international bank account to a legitimate US bank and vice versa, subject to fees and that isn't considered money laundering and it's perfectly legal? No one "got away with it". 10K is chicken feed compared to what is expected to be brought along to the US. How do you think International students pay for their tuition and fees? they are EXPECTED to pay from foreign sources. And trust me, US education is way more than $10K.

[Morningmist 76]

I would personally get the money as a banker's check ( or cashier's check). That's how I brought most of my money to the States and sent it back to India too. Fees apply when you wire it to either a US bank or from a US bank but if you deposit a check, no fees apply either way. Well mostly anyway.

[HK12 273]

Wow, quite some emotions on this topic...

I do not have anything else to contribute that others haven't said, but I did wire an amount (less than $10.000) to my fiancé before I went over there and did not have any problems. I did it all together with en employee from my bank, as I wouldn't mess anything up. It cost me 25 Euros, so approx. $30.00.

I also took some money with me in cash (about $2,000), but I would strongly advise against it - I was paranoid the whole time that someone might steal it.

[khwaidee1 196]

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

Have him buy Amex or Visa travelers cheques. They have a $1,000 and a $500 denomination, I know, I've used them. I have wired from my account to foreign accounts and vice versa with never a problem. That being said, I am not a tax advisor nor a LEO and the amounts were always under $10,000.

[Scribble 1]

Here's a question. My dad is about to transfer about 15k into my bank account as a gift for my birthday so I can buy a car. Ummm do I need to do anything legally about it?

[Scoutmia 1]

He can get a travelers check! Or he can go to bcp and wire the money to your account. I once had some us entity wire me money straight to my Peruvian account.

He can get a travelers check! Or he can go to bcp and wire the money to your account. I once had some us entity wire me money straight to my Peruvian account.

[scienceworks 64]

Here's a question. My dad is about to transfer about 15k into my bank account as a gift for my birthday so I can buy a car. Ummm do I need to do anything legally about it?

There is a limitation for gift between one parent and child. I think it is 13K. But if a US couple give their kid a cash gift, it would be double ( 26K). Beyond the allowed limit, gift tax needs to be paid