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1. I inherited $50,000 from property sold in a foreign country country from a non us resident. Are there tax consequences in the US when I transfer the money? Can I carry the money in cash into the US after declaring it.
2. a non US family member and his family recently moved to the US to work with a three year visa. Are there tax consequences or other requirements in the US when he sells his overseas property and transfers $200,000 to the uS. Can he carrry this in cash.
Please no comments whether the cash carrying is safe or wise.
First is there a need to bring it all in at one time, can you not merely use a international bank such as Wells Fargo where they can have access to thier money anywhere
To bring money or other monetary instruments into US, if the amount exceed $10,000, you will need to report it to CBP.
In both cases, DO NOT CARRY CASH because this send red flag to CBP. Since 9/11, the government is very strict about this issue. You might be charged of getting involved in money laundry if you can't provide sufficient documents to prove the origin of this money.
You should contact the bank overseas that you have an account with them and ask for wire transfer, this way the money will be deposited in your bank in US in 24 hours and the fees are inexpensive.
In both cases, you would need to declare this sum for your income tax.
It is not necessary to bring it all at once, but what is the difference. I believe it that it is legal to carry over $ 10,000, it only needs to be declared . The real issue I was addressing was : are there any tax or other consequences by bringing in large amounts of cash or via a bank transfer any monies inherited from a non us citizen from a non US location.
Thank you again!
Yes, you can bring in any amount of $$ but anything over $10,000 needs to be declare, and this is not the fun part whether you are American citizen or not...
Sorry about all these questions, but does my declaring this inheritance money in my income tax mean I will pay taxes? If I do need to pay taxes, which I doubt, should I bring this money in little bits over the years to stay within a lower income tax bracket....or does it not matter.
Thanks.
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