money with permament resident fly to US is taxable or Not?

[baba11 0]

My parents got immigrant visa (permanent resident) and want to fly to US next month. they plan to sell their home and bring money here. they want to bring about 120K cash. is this money taxable or not?

Also what form do they need to fill out when they come to US or at custom?

if they open a bank account, does this money is considered as their income? they do not want to work, just they want to open a bank account to keep their money for their every day expenses, is it considered as income and they have to pay tax?

[Casprd 167]

Anything over $10,000 in cash has to be reported to customs. There are no duties on it as it isn't merchandise, but they may have some serious explaining as to why they have that much cash on hand. If they do, they should have documents showing the recent sale of their assets to avoid any lengthy delays at customs. Question number 13 on the customs form they will fill out on the plane is about this. The money won't be considered as income since they already have it, but any interest that the money earns will be taxable and will be declared on their income tax return. This will be taxed at the marginal tax rates based on their income.

[baba11 0]

Do they need to fill out form FinCEN Form 105 at custom when enter to US?

[HS2 7]

Traveling with that kind of money first of all is not safe for your parents

There is no need for them to carry hard cash when they can do wire transferes between banks. They can open an account here in their name and send the money from the home country to US

I was not aware that a house in Iran can cost so much

In regards to taxes you will be better off talking to a Financial advisor at the bank your parent will use here in US.

Customs will look into this in depth and wonder why couldn't they use a bank

Do they need to fill out form FinCEN Form 105 at custom when enter to US?

everybody does...no exceptions

Edited July 22, 2011 by cipollina

[me&him 2]

Iran might be a poor country but doesn't mean there aren't any expensive houses..

[Jojo92122 1,924]

There will be no US tax on this money.

Anyone bringing in more than $10,000 must declare it to US Customs. The failure to declare the money could result in seizure and forfeiture. The big fear is money linked to criminal activities and terrorism should not be able to move freely around the world. The person bringing in the money may be asked to prove ownership.

This money is coming in from Iran. The US government is highly suspicious when money moves out of Iran. Iran is probably on the top of the list of terrorist countries. There are severe penalties under the Patriot Act for concealing money coming from Iran to the US. It would be in your parents' best interests to declare this money to US Customs. There will be questions about bringing in $120,000 from Iran to the US.

Why not the money wired from Iran to the US through the banks?