If I carry more than $10,000 while traveling to USA, will it be taxed?

[Mmeskar 0]

Yes you do if + than this .you traveling alone you most declare

[B&Z 201]

This is assuming you are coming in on the CR 1 spouse visa:

this will be considered income in the US and taxed when your spouse does 2015 income taxes unless you file separately and then you will claim it as income for tax purposes

What is your source on this info? I can't imagine savings being considered as income...

[Shenzhen 34]

My wife had her sister send money through a bank wire transfer it was fast and easy and no government paper work involved just needed the bank info.

[kkk1 42]

I dont know any other service. Transferring it through Western Union would be even more expensive. Any ideas?

If you bring other currency you will b in loss. Convert the other currency to USD. I have brought more than 10 grants and declared it. If you won't declare it, it will be quite risky. Better you declare them. Yeah of course transfer will cost you 54 dollars but it is safe too. You will be doing it one time. It is of worth.

[almost_umrican 54]

Declared the cash and also make sure u have some sort of proof where the money comes from, like bank statements or receipt of withdrawal.

To OP - i believe this is the right answer . some of the counter questions to you were unnecessary.Yes,if you can prove the money is white, you will be okay and will not be taxed. However, i will recommend you to learn about form 3520 form IRS.worth a read.

[letsgonats 4]

Consider civil forfeiture laws before carrying a lot of cash, especially if you have to connect to a domestic flight upon entering the US (meaning you would need to go through TSA screening):

http://viewfromthewing.boardingarea.com/2015/07/07/government-takes-44000-cash-from-man-at-jfk-no-crimes-charged-but-he-cant-get-it-back/

http://www.wsj.com/articles/asset-forfeiture-laws-raise-concerns-1435868428

[letsgonats 4]

Here's an instance of TSA seizing cash:

http://www.huffingtonpost.com/2015/07/01/tsa-tweets-photo-cash-tons-luggage_n_7704760.html

[JoelyLeidy 3]

I am well aware that if I am carrying more than $10,000, I need to declare it to CBP using FinCEN 105 form. But I wanna know if I declare that much of cash, will it be taxed by IRS? Are there any other consequences of carrying such large sum of money that I should be aware of before hand?

Thanks

no. no tax.. If you don't declare it and it is discovered, the tax is 100%. or basically confiscated. I really don't know anybody that doesn't declare, or even carry cash of $10,000 or more into or out of the USA. This law exists, not as a tax, but for money laundering purposes only. it was born out of the day of Colombian Narcotraffickers moving obscene amounts of cash between Miami and New York to Colombia. There are so many more vehicles to move cash, other than cash, that people just don't carry that kind of cash more. I used to work for the Government in this area.. I promise you.. declare it and don't try to hide it.

Edited October 26, 2015 by JoelyLeidy

[Expat1 971]

Summary: Either transfer it before travelling or wrap it in a condom and swallow it to avoid being robbed by US authorities

[Umka36 781]

Dont understand why its dangerous. Its not like I am gonna get jumped inside the airport. Have carried like $3000 before. Dont think $10K would be a big deal.

It's just unwise to carry that much cash in person, and it's not insured. Who wants to worry about having that much cash on oneself? Personally I wouldn't do it for that reason alone. I also would rather have the bank take care of the paperwork.

[grad_student 11]

Thanks a lot guys. Very helpful info. Will think about if I wanna carry that much cash on me.