A family member who was traveling on a diplomatic passport did not declare money in excess of $10,000 when entering the US. Within days of arriving he had a stroke and was incapacitated. His son arrived in the US to look after the father and discovered the money. How does the son declare the money and pay the necessary taxes if applicable?
Background
The father was an international diplomat for 40 years.
The father owned several successful overseas businesses
The father fled following political unrest after 2016 elections in his country
He came to the US to seek political asylum for his family
The father also wanted to invest money in an American business in exchange for a visa while waiting for asylum approval
His luggage with his family's assets to start their new life in the us was placed in police storage after he had the stroke.
The police X-rayed the luggage and discovered the money.
When the son went to collect the luggage, they refused to turn it over unless he proved the source of the money
The police storage finally released the luggage.
The son wants to declare the money and pay any necessary taxes.
How does he go about doing this? Is this money taxable?
Declaring discovered money
in Tax & Finances During US Immigration
Posted
A family member who was traveling on a diplomatic passport did not declare money in excess of $10,000 when entering the US. Within days of arriving he had a stroke and was incapacitated. His son arrived in the US to look after the father and discovered the money. How does the son declare the money and pay the necessary taxes if applicable?
Background
The father was an international diplomat for 40 years.
The father owned several successful overseas businesses
The father fled following political unrest after 2016 elections in his country
He came to the US to seek political asylum for his family
The father also wanted to invest money in an American business in exchange for a visa while waiting for asylum approval
His luggage with his family's assets to start their new life in the us was placed in police storage after he had the stroke.
The police X-rayed the luggage and discovered the money.
When the son went to collect the luggage, they refused to turn it over unless he proved the source of the money
The police storage finally released the luggage.
The son wants to declare the money and pay any necessary taxes.
How does he go about doing this? Is this money taxable?