Ok i know you are only aloud to bring in $10,000 dollers in any one time, so if you have say $60,000 dollers and want to finally get that money into the states, how would you go about it ?
Not that i have that much at the moment, say if you sold your porperty here in England how would you get that money into the states ?
I know if you bring more money into America you have to fill in forms, does that mean they are going to tax you on that money ?
Im just interested to know this for the future as i have a house here in london that im not selling cos my gran mother lives there, but one day who knows
Thanx for any information you may give on this subject
Spence
Full Version: Amount of money you can bring into the US
For entry into the US without problems and answering a ton of questions, don't carry $10,000. Carry $9,999. Yes, the dollar makes a difference.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
Buy a huge number of money orders!
This site might help you more - haven't looked too hard though: http://www.cbp.gov/xp/cgov/home.xml
Most people get their Bank to transfer it to a US account.
Much easier.
Much easier.
QUOTE(TimsDaisy @ Mar 22 2007, 02:56 PM) 
For entry into the US without problems and answering a ton of questions, don't carry $10,000. Carry $9,999. Yes, the dollar makes a difference.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
It's not that you are "not supposed" to carry $10K or more, it's that you must declare/report sums of this amount to US Customs as part of their anti-money-laundering efforts.
The easiest way is to wire transfer your funds from the UK. Expect to pay a fee on each end (Washington Mutual charged us $25 to recieve the xfer). The banks will do the reporting for you.
Thre is no tax due on this money, reported or not.
We've certainly never had 60k to send around, but we've used paypal to transfer money back and forth to each other when we needed it. If you have an american paypal account you can get a mastercard atm/debit/credit card that is free with your american paypal account and that card seems to work anywhere in the world.
QUOTE(meauxna @ Mar 22 2007, 06:40 PM)
QUOTE(TimsDaisy @ Mar 22 2007, 02:56 PM)
For entry into the US without problems and answering a ton of questions, don't carry $10,000. Carry $9,999. Yes, the dollar makes a difference.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
It's not that you are "not supposed" to carry $10K or more, it's that you must declare/report sums of this amount to US Customs as part of their anti-money-laundering efforts.
The easiest way is to wire transfer your funds from the UK. Expect to pay a fee on each end (Washington Mutual charged us $25 to recieve the xfer). The banks will do the reporting for you.
Thre is no tax due on this money, reported or not.
Meauxna is correct. You may bring in any amount of cash with you, but you must declare anything in excess of $10,000 for which a Currency Transaction Report (CTR) will be filed. (Which is exactly what that terrorist Moussoui did and no one prevented him and his $32K from entering the country) This document is simply to create a paper trail for your money. I work for a bank as an anti-money laundering specialist and investigate stuff like this all the time, so I know a fair bit about the law surrounding it.
For the sake of safety and convenience I would, like others, recommend that you wire the funds over. Or, you could open an account in the UK that has offices in the US and then an account in the same bank once in the US so that you can transfer funds between the two. Not sure what type of fee that would be but I'm sure you could check with a bank such as HSBC or Citibank to get an idea of what is your best bet.
Good luck!
QUOTE(julezabelle @ Mar 22 2007, 07:32 PM)
QUOTE(meauxna @ Mar 22 2007, 06:40 PM)
QUOTE(TimsDaisy @ Mar 22 2007, 02:56 PM)
For entry into the US without problems and answering a ton of questions, don't carry $10,000. Carry $9,999. Yes, the dollar makes a difference.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
It's not that you are "not supposed" to carry $10K or more, it's that you must declare/report sums of this amount to US Customs as part of their anti-money-laundering efforts.
The easiest way is to wire transfer your funds from the UK. Expect to pay a fee on each end (Washington Mutual charged us $25 to recieve the xfer). The banks will do the reporting for you.
Thre is no tax due on this money, reported or not.
Meauxna is correct. You may bring in any amount of cash with you, but you must declare anything in excess of $10,000 for which a Currency Transaction Report (CTR) will be filed. (Which is exactly what that terrorist Moussoui did and no one prevented him and his $32K from entering the country) This document is simply to create a paper trail for your money. I work for a bank as an anti-money laundering specialist and investigate stuff like this all the time, so I know a fair bit about the law surrounding it.
For the sake of safety and convenience I would, like others, recommend that you wire the funds over. Or, you could open an account in the UK that has offices in the US and then an account in the same bank once in the US so that you can transfer funds between the two. Not sure what type of fee that would be but I'm sure you could check with a bank such as HSBC or Citibank to get an idea of what is your best bet.
Good luck!
Thanx so much for all your replys, i will look into the HSBC account, but i dont think there is one in Orlando, so i may try the citibank.
once again thank you for the responces and the replys
Spence
Any amount over 5k use a broker for highest rate/no bank charge. We opted for HIFX, easy to set up an account with them and money transferred into our US bank ac in a couple of days. Keep an eye on exchange rate prior to purchasing the dollars.
Good luck.
daisy
I have been looking all over VJ for information like this. So let me get this correct... I wont be taxed if I bring in the US$50,000 I have from the sale of my home in Canada? Anyone know if I will have to declare this money when I file my US tax return for 2007?
I am still waiting for my K3 visa but I thought I would inquire about this as me and my wife are looking to purchase a home as soon as we settle down in the US
Thanks
Lance
It's not that you are "not supposed" to carry $10K or more, it's that you must declare/report sums of this amount to US Customs as part of their anti-money-laundering efforts.
The easiest way is to wire transfer your funds from the UK. Expect to pay a fee on each end (Washington Mutual charged us $25 to recieve the xfer). The banks will do the reporting for you.
Thre is no tax due on this money, reported or not.
Meauxna is correct. You may bring in any amount of cash with you, but you must declare anything in excess of $10,000 for which a Currency Transaction Report (CTR) will be filed. (Which is exactly what that terrorist Moussoui did and no one prevented him and his $32K from entering the country) This document is simply to create a paper trail for your money. I work for a bank as an anti-money laundering specialist and investigate stuff like this all the time, so I know a fair bit about the law surrounding it.
For the sake of safety and convenience I would, like others, recommend that you wire the funds over. Or, you could open an account in the UK that has offices in the US and then an account in the same bank once in the US so that you can transfer funds between the two. Not sure what type of fee that would be but I'm sure you could check with a bank such as HSBC or Citibank to get an idea of what is your best bet.
Good luck!
I am still waiting for my K3 visa but I thought I would inquire about this as me and my wife are looking to purchase a home as soon as we settle down in the US
Thanks
Lance
QUOTE(julezabelle @ Mar 22 2007, 06:32 PM)
QUOTE(meauxna @ Mar 22 2007, 06:40 PM)
QUOTE(TimsDaisy @ Mar 22 2007, 02:56 PM)
For entry into the US without problems and answering a ton of questions, don't carry $10,000. Carry $9,999. Yes, the dollar makes a difference.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
If you have your money in a bank that is accesible on-line, you should be fine and not face too many problems. You just aren't supposed to carry instruments of $10,000 (suit case of cash, travelers check, etc ). I *think*. But check www.travel.state.gov they may have more information.
It's not that you are "not supposed" to carry $10K or more, it's that you must declare/report sums of this amount to US Customs as part of their anti-money-laundering efforts.
The easiest way is to wire transfer your funds from the UK. Expect to pay a fee on each end (Washington Mutual charged us $25 to recieve the xfer). The banks will do the reporting for you.
Thre is no tax due on this money, reported or not.
Meauxna is correct. You may bring in any amount of cash with you, but you must declare anything in excess of $10,000 for which a Currency Transaction Report (CTR) will be filed. (Which is exactly what that terrorist Moussoui did and no one prevented him and his $32K from entering the country) This document is simply to create a paper trail for your money. I work for a bank as an anti-money laundering specialist and investigate stuff like this all the time, so I know a fair bit about the law surrounding it.
For the sake of safety and convenience I would, like others, recommend that you wire the funds over. Or, you could open an account in the UK that has offices in the US and then an account in the same bank once in the US so that you can transfer funds between the two. Not sure what type of fee that would be but I'm sure you could check with a bank such as HSBC or Citibank to get an idea of what is your best bet.
Good luck!
If the transaction was completed in Canada, you're just bringing in cash. Since it wasn't income earned in the United States, I don't see why you'd need to pay taxes on it. Are you the American or the Canadian in this equation?
Per the other posts, can you access your bank online? Since it's Canada we're talking about, I'm guessing the chances of there being a bank cross-over and/or accessibility to your account will be a lot easier.
I haven't seen any real immigration attorneys posting on these boards - and I DEFINITELY haven't seen anyone identify him/herself as a tax attorney or CPA. You might want to call a tax professional just to make sure. I rely on these boards for lots of information, but something like this, I'd seek a professional's second opinion.
Per the other posts, can you access your bank online? Since it's Canada we're talking about, I'm guessing the chances of there being a bank cross-over and/or accessibility to your account will be a lot easier.
I haven't seen any real immigration attorneys posting on these boards - and I DEFINITELY haven't seen anyone identify him/herself as a tax attorney or CPA. You might want to call a tax professional just to make sure. I rely on these boards for lots of information, but something like this, I'd seek a professional's second opinion.
Since the GBP is stronger than the Dollar I would leave the money in the account there and make sure I could draw on it here.
Annie uses her UK card here from time to time and pays no additional fees.
Otherwise you are paying transfer and exchange fees.
IMHO
QUOTE(Lance27 @ Mar 22 2007, 10:00 PM)
I have been looking all over VJ for information like this. So let me get this correct... I wont be taxed if I bring in the US$50,000 I have from the sale of my home in Canada? Anyone know if I will have to declare this money when I file my US tax return for 2007?
While I certainly encourage you to get the opinion of a couple/few CPAs, our experience was that the money was not taxed and did not need to be declared on our subsequent US tax return. I used Daddy's Big Fat CPA to triple check this for me. It is VERY difficult to find a bog standard CPA in the States who knows jack all about foreign taxes etc, so shop carefully. A couple of us here were burned by our first try (nothing fatal).
\That does remind me of something to add to one of the Moving Here threads tho.. people who enter on an Immigrant Visa MUST file as resident for the entire year that they entered.. ie, we came over in November and the DAH was a US tax resident for the entirety of that year.
If you enter as a K-3, you will not have the same issue.
QUOTE(Daisy @ Mar 22 2007, 09:33 PM)
Any amount over 5k use a broker for highest rate/no bank charge. We opted for HIFX, easy to set up an account with them and money transferred into our US bank ac in a couple of days. Keep an eye on exchange rate prior to purchasing the dollars.
YES! Banks may advertise "no transfer fees", but their exchange rates SUCK. That's how they make money, after all.
I am happy with http://xe.com They also offer services like future contracts - pretty damn useful for someone who sells a house in Europe and buys one in the US.
Regarding exchange rates - even professionals can't predict them. For "normal" people, it's an absolute lottery. Usually the best we can do is to spread the risk by exchanging, say, a thousand pounds a week.
Once you're resident in the States for tax purposes, you are taxed on all WORLDWIDE income, although you can apply foreign tax credit for taxes already paid overseas.
As I understand it, on the sale of a house you would pay capital gains tax on any profit made since you bought the house. Don't know if this would be in country of origin or the States, but you end up having to pay it somewhere..!
As I understand it, on the sale of a house you would pay capital gains tax on any profit made since you bought the house. Don't know if this would be in country of origin or the States, but you end up having to pay it somewhere..!
QUOTE(wherezdabearz @ Mar 24 2007, 06:45 AM)
Once you're resident in the States for tax purposes, you are taxed on all WORLDWIDE income, although you can apply foreign tax credit for taxes already paid overseas.
As I understand it, on the sale of a house you would pay capital gains tax on any profit made since you bought the house. Don't know if this would be in country of origin or the States, but you end up having to pay it somewhere..!
As I understand it, on the sale of a house you would pay capital gains tax on any profit made since you bought the house. Don't know if this would be in country of origin or the States, but you end up having to pay it somewhere..!
Very good thinking!
It has been pointed out elsewhere that the sale of a house AFTER obtaining Permanent Resident status (completing AOS) MAY have US tax consequences. This is an individual scenario that should be checked out in private.
However, a K-3 is still a non-immigrant, and it has not been show conclusively that a foreign capital gain would have a US tax reporting/burden consequence. (and not everyone is lucky enough to realise a gain on a sale)
Bringing cash over from a previous sale/assets is not income and does not need to be reported to the IRS.
As a spouse of a USC, you are choosing whether to be taxed as a resident in the year of your marriage ... if USC files married-joint then spouse is treated as a resident whether they lived here or not. Once the foreign spouse lives here they will be treated as a resident ... IRS has presence tests you can check ... but even if the foreign spouse does not meet the test to be a resident they wiil still be taxed as a resident if the couple files married-joint.
That said, if you are treated as a resident for tax purposes you are taxed on world-wide income. World-wide income includes gains on sale of property (for property anywhere in the world). However, if it is the sale of a primary personal residence then $250,000 of gain (or $500,000 if both husband and wife occupied the house for 2 years and at least 1 of them owned it) can be excluded from tax ... assuming the criteria is met. Transferring a lot of cash into the US is one way the IRS is going to find out that you sold property and if they contact you then you have to provide support for why you do not owe tax on the amount ... for example, sale occurred prior to becoming resident, sale was primary personal residence and gain is allowed to be excluded, etc. (burden of proof is on taxpayer).
This is a very general discussion. You should consult a tax specialist if you have questions on your specific situation.
That said, if you are treated as a resident for tax purposes you are taxed on world-wide income. World-wide income includes gains on sale of property (for property anywhere in the world). However, if it is the sale of a primary personal residence then $250,000 of gain (or $500,000 if both husband and wife occupied the house for 2 years and at least 1 of them owned it) can be excluded from tax ... assuming the criteria is met. Transferring a lot of cash into the US is one way the IRS is going to find out that you sold property and if they contact you then you have to provide support for why you do not owe tax on the amount ... for example, sale occurred prior to becoming resident, sale was primary personal residence and gain is allowed to be excluded, etc. (burden of proof is on taxpayer).
This is a very general discussion. You should consult a tax specialist if you have questions on your specific situation.
www.Ozforex.com.au is another foreign exchange broker. Their rates seem really reasonable, particularly for larger sums of money. If you can allow them to make the exchange over a few days, they give you a spectacular exchange rate (making a little interest on your money, I'm sure, in the process). They're worth looking into.
-Mary
YES! Banks may advertise "no transfer fees", but their exchange rates SUCK. That's how they make money, after all.
I am happy with http://xe.com They also offer services like future contracts - pretty damn useful for someone who sells a house in Europe and buys one in the US.
Regarding exchange rates - even professionals can't predict them. For "normal" people, it's an absolute lottery. Usually the best we can do is to spread the risk by exchanging, say, a thousand pounds a week.
-Mary
QUOTE(brtlmj @ Mar 23 2007, 05:22 PM)
QUOTE(Daisy @ Mar 22 2007, 09:33 PM)
Any amount over 5k use a broker for highest rate/no bank charge. We opted for HIFX, easy to set up an account with them and money transferred into our US bank ac in a couple of days. Keep an eye on exchange rate prior to purchasing the dollars.
YES! Banks may advertise "no transfer fees", but their exchange rates SUCK. That's how they make money, after all.
I am happy with http://xe.com They also offer services like future contracts - pretty damn useful for someone who sells a house in Europe and buys one in the US.
Regarding exchange rates - even professionals can't predict them. For "normal" people, it's an absolute lottery. Usually the best we can do is to spread the risk by exchanging, say, a thousand pounds a week.
Thanks to everyone who replied, I am the spouse and my wife is the USC. I sold off my property in 2006 and it was in my name only but we were also married in 2006 (Property was sold prior to our wedding). I will most likely become a Permanent resident this year (2007)
I will contact a tax specialist just to make sure.
Thanks again
Lance
I will contact a tax specialist just to make sure.
Thanks again
Lance
QUOTE(jlivings99 @ Mar 24 2007, 03:16 PM)
As a spouse of a USC, you are choosing whether to be taxed as a resident in the year of your marriage ... if USC files married-joint then spouse is treated as a resident whether they lived here or not. Once the foreign spouse lives here they will be treated as a resident ... IRS has presence tests you can check ... but even if the foreign spouse does not meet the test to be a resident they wiil still be taxed as a resident if the couple files married-joint.
That said, if you are treated as a resident for tax purposes you are taxed on world-wide income. World-wide income includes gains on sale of property (for property anywhere in the world). However, if it is the sale of a primary personal residence then $250,000 of gain (or $500,000 if both husband and wife occupied the house for 2 years and at least 1 of them owned it) can be excluded from tax ... assuming the criteria is met. Transferring a lot of cash into the US is one way the IRS is going to find out that you sold property and if they contact you then you have to provide support for why you do not owe tax on the amount ... for example, sale occurred prior to becoming resident, sale was primary personal residence and gain is allowed to be excluded, etc. (burden of proof is on taxpayer).
This is a very general discussion. You should consult a tax specialist if you have questions on your specific situation.
That said, if you are treated as a resident for tax purposes you are taxed on world-wide income. World-wide income includes gains on sale of property (for property anywhere in the world). However, if it is the sale of a primary personal residence then $250,000 of gain (or $500,000 if both husband and wife occupied the house for 2 years and at least 1 of them owned it) can be excluded from tax ... assuming the criteria is met. Transferring a lot of cash into the US is one way the IRS is going to find out that you sold property and if they contact you then you have to provide support for why you do not owe tax on the amount ... for example, sale occurred prior to becoming resident, sale was primary personal residence and gain is allowed to be excluded, etc. (burden of proof is on taxpayer).
This is a very general discussion. You should consult a tax specialist if you have questions on your specific situation.
Go into your bank and set it up for a wire transfer to be made once you get into the USA. Speak to them first, or you may find they require you to show up to do the transfer. Then wire the money when you get to the usa. You might be able to get a US bank account now with someone like Deutches bank which is in the usa and europe, that could be easier.
Bobbie
Bobbie
QUOTE(meauxna @ Mar 23 2007, 11:59 AM)
QUOTE(Lance27 @ Mar 22 2007, 10:00 PM)
I have been looking all over VJ for information like this. So let me get this correct... I wont be taxed if I bring in the US$50,000 I have from the sale of my home in Canada? Anyone know if I will have to declare this money when I file my US tax return for 2007?
While I certainly encourage you to get the opinion of a couple/few CPAs, our experience was that the money was not taxed and did not need to be declared on our subsequent US tax return. I used Daddy's Big Fat CPA to triple check this for me. It is VERY difficult to find a bog standard CPA in the States who knows jack all about foreign taxes etc, so shop carefully. A couple of us here were burned by our first try (nothing fatal).
\That does remind me of something to add to one of the Moving Here threads tho.. people who enter on an Immigrant Visa MUST file as resident for the entire year that they entered.. ie, we came over in November and the DAH was a US tax resident for the entirety of that year.
If you enter as a K-3, you will not have the same issue.
You can use the same housing exclusion that US taxpayers use for a house overseas... the exclusion can be aplied to any principal residence of the taxpayer no matter where in the world it is... that if you lived in the house for 2 out of the last 5 years, you can exclude the gain on the home up to $250,000 (if only one of you owned the home) or up to $500,000 (if both of you owned the home). Read Publication 523 for more...
If your capital gain was more than the exclusion amount or the exclusion does not apply to you (for example, you or your spouse did not live in the house more than 2 years)... then yes, you must report the capital gain and pay taxes on it for any amount over the exclusion... If a foreign government assessed capital gains taxes on the gain, you can take a foreign tax credit on the capital gains taxes that the US assesses...
QUOTE(Lance27 @ Mar 23 2007, 01:00 AM)
I have been looking all over VJ for information like this. So let me get this correct... I wont be taxed if I bring in the US$50,000 I have from the sale of my home in Canada? Anyone know if I will have to declare this money when I file my US tax return for 2007?
I am still waiting for my K3 visa but I thought I would inquire about this as me and my wife are looking to purchase a home as soon as we settle down in the US
Thanks
Lance
I am still waiting for my K3 visa but I thought I would inquire about this as me and my wife are looking to purchase a home as soon as we settle down in the US
Thanks
Lance
This link may be helpful to you, Lance and Spence...
http://www.visajourney.com/forums/index.php?showtopic=58210
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