selling house

[JustBreathe 22]

I just wondered what people have done in regards to selling their homes prior to moving to the USA.

Did you have to pay taxes upon bringing the money into the USA? I am lost on this process.

If I sell my house, and have let's say $70,000 profit, I know I need to declare this when I POE as it is over $10,000. Do I have to declare it if its in a bank account?

I am curious what other people have done to bring their money with them

Thanks

[Shiobhan 235]

Hope you not carrying all that cash, do a bank transfer and your bank will tell

you how the tax part is done, there are sister banks in Canada

[ricnally 258]

Royal Bank USA account. You can transfer back and forth between Canada/US accounts without service charges.

[JustBreathe 22]

Royal Bank USA account. You can transfer back and forth between Canada/US accounts without service charges.

Thank You!!!! That's what I was thinking about doing. I just wanted to know also if there was any taxation I would face on bringing the money into the USA from the sale of my house?

[ricnally 258]

Thank You!!!! That's what I was thinking about doing. I just wanted to know also if there was any taxation I would face on bringing the money into the USA from the sale of my house?

You'll have to pay capital gains on your Canadian taxes. Beyond that, I don't know (and am just starting to look into that stuff, myself).

[Dakine10 5,452]

There's no US tax if this is all done before you move to the USA. All tax issues will be resolved with Canada. If you sell it after you move to the USA, you will end up being taxed in both countries.

Declaring cash you are travelling with at the POE is not done for tax purposes. Whether you carry cash with you or bring it later or transfer it by bank wire etc., any single transaction brought into the USA of greater than $10000 must be reported. I believe the $10000 is a daily aggregate so technically you could wire or bring in $9000 a day and not have to report it, but again there are no tax consequences with the transfer itself, so it's not really an issue.

The primary purpose of reporting transactions is to prevent illegal activity such as money laundering.

[The Mean Lady 604]

You can bring the cash into the US at ANY time and you will not face any type of fee or penalty on it, you just have to be sure to declare it as well as bring proof of the sale (where the money came from)

https://help.cbp.gov/app/answers/detail/a_id/447/kw/more%20than%20%2410000%20cash/session/L3NpZC8qNnlJMmx0bA%3D%3D

Keep in mind, when transferring with RBC, with that much money, you may lose a BIG chunk of change because they do NOT offer the normal exchange rate.

It is always in their favor so they make money

There's no US tax if this is all done before you move to the USA. All tax issues will be resolved with Canada. If you sell it after you move to the USA, you will end up being taxed in both countries.

Declaring cash you are travelling with at the POE is not done for tax purposes. Whether you carry cash with you or bring it later or transfer it by bank wire etc., any single transaction brought into the USA of greater than $10000 must be reported. I believe the $10000 is a daily aggregate so technically you could wire or bring in $9000 a day and not have to report it, but again there are no tax consequences with the transfer itself, so it's not really an issue.

The primary purpose of reporting transactions is to prevent illegal activity such as money laundering.

Correct, which is why you should bring proof of where the money came from.

However, there is no penalty at any time.

US will be thanking you for improving their dollar value.

[JustBreathe 22]

Thank you for the info! I am confused on reporting the money I have form the sale of my home. Do I only have to report it on that form if I have it in cash on me? Or even if its in my account?

What do people recommend for transferring CAN/USA funds for this type of thing, if RBC bank is not a good option?

[The Mean Lady 604]

Thank you for the info! I am confused on reporting the money I have form the sale of my home. Do I only have to report it on that form if I have it in cash on me? Or even if its in my account?

What do people recommend for transferring CAN/USA funds for this type of thing, if RBC bank is not a good option?

Correct, you only have to claim if you're bringing physical cash in with you.

You will get the most money (that I know of) out of physically bring the cash on you over the boarder as the currency exchanges offer the best rates.

Although, I have NEVER dealt with that much cash EVER.

I don't even know if they can exchange THAT much at the border (but I would hope).

With RBC, if you have cross border accounts, you get better rates for larger amounts of money so I would say open an account literally just to send the money lol then you can close it when you're done.

Above those suggestions, I would simply be googling for the best option sorry =\

I just know when dealing with my couple hundred here for there, I'm often times better pulling the cash out and exchanging it at the border.

The only plus side to doing it with the RBC thing is you can monitor the exchange rate and transfer it when it's good.

For instance, that SPECIFIC day you cross the border, maybe exchange rate is really bad so you lose more money than if you'd transferred it w/RBC.

I think in the end, you'll just do what's easiest, but really there's so many factors that, is it really worth trying to save a couple thousand? Idk... your decision!

Hope I helped at least a little? lol