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    picota's Avatar
    picota Posts: 3, Reputation: 1
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    #1

    Apr 27, 2008, 07:41 AM
    Foreign money transfer to USA
    I have two questions

    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.

    Thank you in advance for any comments.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Apr 27, 2008, 07:52 AM
    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 their money anywhere

    Limit on cash allowed to carry into the US is 10,000
    Money and Other Monetary Instruments - CBP.gov
    lawanwadee's Avatar
    lawanwadee Posts: 3,653, Reputation: 124
    Immigration Expert
     
    #3

    Apr 27, 2008, 08:56 AM
    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.
    picota's Avatar
    picota Posts: 3, Reputation: 1
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    #4

    Apr 27, 2008, 08:59 AM
    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!
    lawanwadee's Avatar
    lawanwadee Posts: 3,653, Reputation: 124
    Immigration Expert
     
    #5

    Apr 27, 2008, 11:30 AM
    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...
    picota's Avatar
    picota Posts: 3, Reputation: 1
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    #6

    Apr 27, 2008, 02:33 PM
    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.
    lawanwadee's Avatar
    lawanwadee Posts: 3,653, Reputation: 124
    Immigration Expert
     
    #7

    Apr 27, 2008, 03:13 PM
    Inheritance from Foreign Sources is not a taxable income and also no state tax, but you have to file form 3520 with supported documents.
    vruzka's Avatar
    vruzka Posts: 2, Reputation: 1
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    #8

    Mar 14, 2010, 06:51 PM
    Quote Originally Posted by lawanwadee View Post
    Inheritance from Foreign Sources is not a taxable income and also no state tax, but you have to file form 3520 with supported documents.
    Hi there,

    I am a US/naturalised citizen but have moved abroad since 2006.
    My question is:
    While I was abroad, I continued to use my US bank card abroad. I have been unemployed abroad and haven't filed income tax. But, had received several money wire transfers from a foreign source to my us bank account, and have been using my US card through ATM's but abroad.

    My question is:

    1) I haven't filed any income tax because I have been unemployed while abroad. But, I have just learned about the money transfer that this might be taxed.
    This is very unclear and how it works so, could you please answer, in my case, where I have resided abroad and received money transfers to my US bank account from a non us source and used the money abroad through atm's:

    1)Do I have to declare and fill out income tax or fill out any other forms to IRS, for money transfers I had received in the past years, of let's say 25'000 US per year.
    2) Up to what amount per year does money transfer from a foreign source doesn't require any form or income tax declaration ?
    3) What should I do to report/declare now for the past four years, if I was required to report the money transfer but didn't because I still don't know what to do and I still live abroad.
    4) Is there an exempt amount per year, which is totally free of tax or any declarations for money wire transfer which is from a mother ( foreign source) to me( her son, a US citizen in my bank account in the US)
    5) Am I exempt to file or report any money transfers to my US bank account since I live abroad, if you could explain that?
    5) Will failing to declare the money transfers because I was not aware be considered a criminal offence and will my US citizenship be revoked as a result?
    6) Again, what should I do to help myself now, and for the past years, if I had to file forms to declare the money transfers but didn't because I had no information and still don't know...

    Please, any help will be greatly appreciated.

    Thanks
    vruzka's Avatar
    vruzka Posts: 2, Reputation: 1
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    #9

    Mar 14, 2010, 06:54 PM

    Hi there,

    I am a US/naturalised citizen but have moved abroad since 2006.
    My question is:
    While I was abroad, I continued to use my US bank card abroad. I have been unemployed abroad and haven't filed income tax. But, had received several money wire transfers from a foreign source to my us bank account, and have been using my US card through ATM's but abroad.

    My question is:

    1) I haven't filed any income tax because I have been unemployed while abroad. But, I have just learned about the money transfer that this might be taxed.
    This is very unclear and how it works so, could you please answer, in my case, where I have resided abroad and received money transfers to my US bank account from a non us source and used the money abroad through atm's:

    1)Do I have to declare and fill out income tax or fill out any other forms to IRS, for money transfers I had received in the past years, of let's say 25'000 US per year.
    2) Up to what amount per year does money transfer from a foreign source doesn't require any form or income tax declaration ?
    3) What should I do to report/declare now for the past four years, if I was required to report the money transfer but didn't because I still don't know what to do and I still live abroad.
    4) Is there an exempt amount per year, which is totally free of tax or any declarations for money wire transfer which is from a mother ( foreign source) to me( her son, a US citizen in my bank account in the US)
    5) Am I exempt to file or report any money transfers to my US bank account since I live abroad, if you could explain that?
    5) Will failing to declare the money transfers because I was not aware be considered a criminal offence and will my US citizenship be revoked as a result?
    6) Again, what should I do to help myself now, and for the past years, if I had to file forms to declare the money transfers but didn't because I had no information and still don't know...

    Please, any help will be greatly appreciated.

    Thanks
    prudent's Avatar
    prudent Posts: 2, Reputation: 1
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    #10

    Jul 6, 2010, 03:13 AM
    You need to file 1040 with form 2555 for all tax years that you missed (to be on safe side, even if you did not have any income). You get a 80K exclusion. So you don't owe any tax if you made less than that.

    The 25 K you received must be declared as gift in the form 3520. No tax is due. Penalties maybe for not filing at the right time (I doubt).

    If I were u I would go back and start filing all the missing tax returns.

    As far as citizen ship is concerned, it is a separate issue. Non filing of tax should not make any difference.
    prudent's Avatar
    prudent Posts: 2, Reputation: 1
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    #11

    Jul 6, 2010, 03:20 AM
    Regarding reporting the wire transfer into the bank... contact the bank and find out... the CS reps probably may not know.. best is to get answer through mail on the bank website.

    I hope this helps.. I am in a similar situation.. so far the IRS is OK... the state gov still tries to seek me out as I had a RE lic. I have to tell them every other year that I don't live in the state anymore.

    tdhollar's Avatar
    tdhollar Posts: 1, Reputation: 0
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    #12

    Sep 22, 2010, 09:56 AM
    USA will do whatever they can to get a dollar out of you. They say security has increased, but people sneak into this country all the time and nab jobs for pennies on the dollar increasing our struggle of George W. Bush's aftermath.
    Karim_Ahmad's Avatar
    Karim_Ahmad Posts: 1, Reputation: 1
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    #13

    Oct 4, 2010, 01:40 AM
    I am non us citizen and I want to gift US $ 40,000 to my daughter. She is US citizen.
    My question is Whthere she has to pay any Tax on this money. She is a house wife and his hasband is Tax Payer.
    Will you please answer this .
    Thanks/
    [email protected]
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #14

    Oct 4, 2010, 06:40 AM
    Quote Originally Posted by Karim_Ahmad View Post
    I am non us citizen and I want to gift US $ 40,000 to my daughter. She is US citizen.
    My question is Whthere she has to pay any Tax on this money. She is a house wife and his hasband is Tax Payer.
    Will you please answer this .
    Thanks/
    [email protected]
    Hello k:

    You should REMOVE your email address. Your answers will be HERE. In the US, we pay INCOME taxes. That's a tax on the money we EARN. This gift you're making to you daughter is NOT income so there's no tax due.

    excon
    DEEMAN's Avatar
    DEEMAN Posts: 1, Reputation: 0
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    #15

    Dec 1, 2010, 02:31 AM
    War is the group who sings money money money... money
    jonanthony001's Avatar
    jonanthony001 Posts: 2, Reputation: 1
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    #16

    Feb 27, 2011, 08:10 AM
    Comment on lawanwadee's post
    Thanks for the excellent info lawanwadee. I know this is an old thread but still applicable because the 2009 and 2010 Form 3520's have not changed by much.

    Based on the instructions for Form 3520, it seems that any amount under $100,000 from a foreign person (wire transfer from direct relative) does not have to be declared via the 3520. However if the source is a foreign trust, the rules that apply are quite different. And as you mentioned, the amount is also not a taxable income.

    Just wanted to confirm I'm reading and understanding the form correctly. Thanks!
    jonanthony001's Avatar
    jonanthony001 Posts: 2, Reputation: 1
    New Member
     
    #17

    Feb 27, 2011, 08:15 AM
    Comment on lawanwadee's post
    Also Is there a different form that needs to be included when filing in order to declare the amount received via the wire transfer from a foreign relative (over $10,000 but under $100,000)?
    nancigrube's Avatar
    nancigrube Posts: 1, Reputation: 1
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    #18

    May 23, 2013, 08:19 PM
    Is there a dollar limit for gifting or inheriting from a foreign source to the U.S. If you are "gifted" but not related, does that matter? And what are supporting documents, proof of sale of a property, a government stamp, escrow papers? Once it is in the U.S. is it later taxed as income? Gift tax within the U.S. I thought was 50% on large sums, and if it is foreign it is zip? I have Citibank, also have Wells Fargo. Should the transfer go to Wells Fargo?
    jk32's Avatar
    jk32 Posts: 1, Reputation: 1
    New Member
     
    #19

    Sep 30, 2013, 06:06 AM
    I am a Canadian citizen/resident for tax purposes... but I also have a house in the US and an US bank account.

    I play professional basketball overseas for 6-7months out of a year... after my season, when I return, I split time between Canada and USA.
    I keep my money in the US bank but since my team pays my income taxes overseas I haven't been paying any taxes on the money once I transfer it into my US account.
    I haven't been paying the US taxes because I don't work in the US and I am also not a US citizen... but I do keep my money in an US bank.(Is that wrong?)
    I do file my taxes in Canada(my country of residence) but I don't declare any income on my income statement since I make all my money overseas and have no actual income in Canada.

    Could someone please explain what I should do and if what I'm doing could get me in trouble down the road... again, I have no actual knowledge how I should handle this situation so any advice or help would be appreciated. Thank you!
    salman235's Avatar
    salman235 Posts: 2, Reputation: 1
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    #20

    Dec 3, 2013, 08:31 PM
    Hello,
    Am in USA with my family for a visit purpose which is legal by all means. Its been about 1 month and 4 days that am here. I have another approx 4 months to stay in USA. In case if I will apply for E2 (Investors Visa) and then would want to bring the cash from from my country. What will be the legal process to do that ? However, the money that will be sent is from a property that is on my mothers name which is under the process of sale at present. Can any 1 guide me the best legal procedure that I can adopt for the above said transaction please ? Moreover, also let me know if the money shall be admissible for a USA tax or otherwise ? What can be the maximum amount that can be brought into USA in a legal manner for investment purpose ?

    Thank you...

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