Bringing money to the united states

[TheSahlis 10]

I was wondering if enyone had any experience with this. My wife has sold her house in australia. we want to use the money to buy a house here, but I dont want the Govt. to look at this money as income as it isnt its the money she is bringing into the country with her as part of her move.

[I & G 1]

Any amount of money greater than 10,000 US dollars must be reported on your customs declaration documents when entering the USA. The penalty for not declaring is more than you care to lose.

The funds would not be considered income but would be an asset and could be transfered from bank in her country to a US bank via wire transfer.

Since the transaction took place in her country and any taxes would have been paid there, there should be no tax liability in the USA.

[TheSahlis 10]

Any amount of money greater than 10,000 US dollars must be reported on your customs declaration documents when entering the USA. The penalty for not declaring is more than you care to lose.

The funds would not be considered income but would be an asset and could be transfered from bank in her country to a US bank via wire transfer.

Since the transaction took place in her country and any taxes would have been paid there, there should be no tax liability in the USA.

Thank you and yes we will be declearing the money, i just dont want to have to pay US taxes on it as they pay enough taxes in australia.

[LotofPatience 65]

Any amount of money greater than 10,000 US dollars must be reported on your customs declaration documents when entering the USA. The penalty for not declaring is more than you care to lose.

The funds would not be considered income but would be an asset and could be transfered from bank in her country to a US bank via wire transfer.

Since the transaction took place in her country and any taxes would have been paid there, there should be no tax liability in the USA.

If she has paid capital gain taxes in Australia (if any applicable), you are absolutely fine in the U.S. Rather than carry any financial instrument, wire transfer it.

Loto

[Penguin_ie 5,984]

We did this, brought a 6 figure sum in via direct bank transfer. Used some to buy a house here, some in a CD and the rest to live off till work could be found. None was taxed, and the bank did the "declaring" part. No taxes on the money directly, just later (ie property tax on the house we bought etc).

[Brother Hesekiel 2,235]

I brought cash. Declared it as required when entering the US, and deposited most of it in my BofA checking account, $9,900.00 at a time, until the bank lady told me that even if it's under $10K and she feels the amount has been kept below the treshhold in order to avoid filling out the dreaded form, she still would have to fill it out.

I said, fine, give me my money, all of it, in cash, and I closed my BofA account, went to Citibank and never looked back.

[TheSahlis 10]

I love VJ I'd be lost with out it in this whole process. Thank you for all the great answers, my wifes fears are now relieved. we were always planning on declaring the money...dont wanna piss Uncle Sam off...lol. But since she doesn't have to pay capitol gains on the house as it was her primary residence and we want to use the money to get a house here, and a car, and decorate the house and put some away I wanted to make sure that it wouldn't be taxed. IMO Govt. gets its share of my money now and we need it more that they do to get our life started on the right foot.

[pushbrk 12,105]

I love VJ I'd be lost with out it in this whole process. Thank you for all the great answers, my wifes fears are now relieved. we were always planning on declaring the money...dont wanna piss Uncle Sam off...lol. But since she doesn't have to pay capitol gains on the house as it was her primary residence and we want to use the money to get a house here, and a car, and decorate the house and put some away I wanted to make sure that it wouldn't be taxed. IMO Govt. gets its share of my money now and we need it more that they do to get our life started on the right foot.

The "fear" I would be concerned about is carrying the cash. Why not wire transfer any amount more than she needs to have with her?

That said, we carry loads of cash to China when we go but I have a system for doing so that neither of us fears.

Edited October 30, 2010 by pushbrk

[TheSahlis 10]

The "fear" I would be concerned about is carrying the cash. Why not wire transfer any amount more than she needs to have with her?

That said, we carry loads of cash to China when we go but I have a system for doing so that neither of us fears.

oops....yes was always planning on wire transfer....we are talking about a lot of money no way i want my wife having to walk around with that much cash...specially since she will have to come into LAX I get nervous once i walk out the doors of customs there all those guys trying to get you to give money to the what ever charties and just the others milling around right there...though thats another thread about how that airport could make the area better........

[canabama 1]

Thanks for this thread! Good question, I have one of my own. What if I have assets in stocks, but I'm leaving the account in Canada, so it's not liquid cash - do I have to claim that?

thanks!

[BlueBonnet 84]

I know this isnt answering your question really, but maybe its something you could look into. Here in Canada .. The Royal Bank has an american branch .. so transfering money is very easy .. they just need to be able to track it .. make sure it isnt "laundered". Also the Scotiabank and Bank Of America have a kind of deal where they work back and forth. I realise that alot of Americans visit Canada, and Canadians visit the USA, so the banks work together like this. Ive also found out that I can keep my bank account, that they will still issue me a credit card and mail it to Texas .. even though its all Canadian. Basicaly my point is, check with your bank and see if they have some friendly ties to a US bank. Only bring less than the 10K you can in cash, and transfer the rest over, or use a credit card for purchases, then just pay online.

Hope it gives you some ideas.

[IndigoSkies 168]

The "fear" I would be concerned about is carrying the cash. Why not wire transfer any amount more than she needs to have with her?

That said, we carry loads of cash to China when we go but I have a system for doing so that neither of us fears.

Yes. Tying money to your crotch is a fail-safe system. Isn't that what people do essentially when going to countries with lots of pick-pockets? I heard people put the money inside the sock and then wear the sock. Some put it under Dr. Scroll's foot pad, giving a whole new meaning to I'm jellin' like a felon. Whatever you do, don't put your wallet or monies inside your butt-packet. Also don't put all of your money, how the say proverbially, in the same basket. Separate the monies into different wads and place each wad in separate places. Wife transfer is also a a good method. Or by CD's in Australia that matures at different time and bring the monies to America slowly over time. I'm sure your spouse will be going back to Aus. now and then.