POE with more than $10k....do we need documentation?

[mallafri76 1,012]

On 5/26/2017 at 9:43 PM, WandY said:

Go ask your bank. You are wrong. It may cause suspicion - lots of things do - but it is absolutely not illegal. Bringing large sums of cash into the U.S. during POE is far more likely to result in a confiscation and/or nightmare interrogation. It is perfectly legal to wire funds to U.S. banks or even yourself. If you want to look like a terrorist or drug smuggler, bring a big wad of cash into POE. Have a lawyer ready.

Actually, it is illegal to divide amounts up with the purpose of evading the reporting threshold. It's called the Bank Secrecy Act. You can have your money seized and even go to prison.

 

https://www.irs.gov/irm/part4/irm_04-026-013.html

 

https://www.google.com/amp/s/www.forbes.com/sites/robertwood/2017/04/05/91-of-irs-seizures-for-structuring-involve-lawful-taxpayers/amp/

 

https://www.money-education.com/resources/financial-planning-news-and-blogs/blog/129-structuring-cash-transactions-under-10-000-is-criminal

 

http://mobile.wnd.com/2014/10/irs-seizes-life-savings-for-deposits-under-10000/