Declaring money on re-entrey

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Declaring money on re-entrey


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Old 13th September 2010, 08:21 AM
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Default Declaring money on re-entrey

What happens when you declare legitimate money over 10 000 Dollars to customs on returning to the US?

Thanks.

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Old 13th September 2010, 09:19 AM
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Not much. In fact, it's far easier to transfer the funds via a bank or other financial institution, since then it becomes their responsibility to file the report.

Literally, they just want you to declare the funds being transfered in (or out) of the US, giving their origin and the reason they are being transfered. If you've been living overseas and you're transferring the fund to establish a bank account in the US, or fund the down payment on a house or for any other innocuous reason, just state that and everything should go just fine.
Cheers,
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Old 13th September 2010, 10:14 AM
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Originally Posted by Bevdeforges View Post
Not much. In fact, it's far easier to transfer the funds via a bank or other financial institution, since then it becomes their responsibility to file the report.

Literally, they just want you to declare the funds being transfered in (or out) of the US, giving their origin and the reason they are being transfered. If you've been living overseas and you're transferring the fund to establish a bank account in the US, or fund the down payment on a house or for any other innocuous reason, just state that and everything should go just fine.
Cheers,
Bev
Thanks, the funds are savings in a local bank account deposited prior to me becoming an LPR.

In any case, will this be reported to the IRS to determine if this is income? and if this is the case, what are the tax implications?


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Old 13th September 2010, 06:19 PM
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Thanks, the funds are savings in a local bank account deposited prior to me becoming an LPR.

In any case, will this be reported to the IRS to determine if this is income? and if this is the case, what are the tax implications?
There's an obligation to report foreign holdings over a certain amount in your tax return.

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Old 13th September 2010, 08:59 PM
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Originally Posted by Mortimer View Post
Thanks, the funds are savings in a local bank account deposited prior to me becoming an LPR.

In any case, will this be reported to the IRS to determine if this is income? and if this is the case, what are the tax implications?
LPR? Not sure what that means. If the "local bank account" is local to the US, the arrival of the funds has already been reported to the Treasury department, according to whatever you told the transferring agent regarding the source of the funds and the purpose of the transfer.

Quote:
There's an obligation to report foreign holdings over a certain amount in your tax return.
As far as the US tax returns are concerned, you report to the Treasury Dept. (separately from your tax return) if your combined foreign accounts total > $10,000. Once the funds are in a US account, you have no further need to report them.
Cheers,
Bev

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Old 14th September 2010, 08:02 PM
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What happens when you declare legitimate money over 10 000 Dollars to customs on returning to the US?

Thanks.
---


Last edited by Wayfarer; 14th September 2010 at 08:05 PM.
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