So I’m going to be going back to the States in a few months and am wondering how to take back the money I’ve saved here, which is well over the $10,000 limit you’re allowing to carry on your person. Basically I want to get this money back into the States without the government knowing, and this includes the necessity of putting cashier’s checks into my bank account, which will shoot my balance from a little to a lot in just a day. Anyone have any advice? Anyone ever done this? Thanks for any help.
Divide it up over the course of a few months.
Yeah, that would work, but I’m actually only going back home for 6 months, then am coming back here. One of the main reasons I’m going back is to buy a house or two and get this money working for me instead of accumulating dust in a non-interest bearing bank account.
Even better. You have six months to get your loot shipped back home.
If you’re planning on buyuing a house or 2 to get the money working for you, I think the bank will be asking alot of questions. When I applied for my mortgage, the bank was very interested in recent account activity and why there were certain increases in my balances shortly before I applied for the mortgage.
Mainly out of suspicion of either illegal sources or unreported income. You may find yourself in a bit of a pickle if you are trying to “sneek” large quantities of money into the US without the proper paperwork.
Just my 2 cents worth. Good luck
I fully understand that the bank would ask questions about the money, which is why all loans would be in my dad’s name through his corporation, probably with me as a co-signer. My old man’s helping me out with this and has suggested that cash is the way to go, but it’s just a matter of carrying that large of a stack. In my carry on I’m worried that the x-ray scanner will see it and check it. On me… well I must say that I’m not THAT well-endowed! Thanks for the advice. Any other suggestions?
Have you determined what the penalty is for violating currency restrictions?
I understand it’s legal to bring any amount of money with you into the US, but if it exceeds $10,000 you have to declare it upon entry. But you don’t want the government to know about it. (Why not? You won’t be taxed unless you’ve made over $80,000 in foreign-earned income.)
There are other ways: you could, for example, have it wired to your US bank account in increments over the next few months, and then bring a smaller cashier’s check for the final deposit.
I thought I would be taxed on anything over $10,000 that I declare. Where can I find where it says I won’t be taxed on anything less than $80,000? I’ve never heard about that and I’m not quite sure what to google to track down a pertainable website.
Leap on the internet and buy yourself a stack of silver US 1 oz eagle coins from kitco.com.
They are legal tender and have a face value of $1 US, but their silver market value is around $14 dollars each.
They can be taken between countries and because they are legal tender and only have a face value of $1, you can take 10,000 of them out of the country legally…with their actual value being $140,000.
So I’m looking around online and have found the customs website for the US, but am unsure about what happens if I declare my money. It seems that to not declare and be caught can result in seizure of the money, 10% in penalties, and perhaps other incurred penalties. If I declare, will I be taxed on the money, either now or when I next file my taxes in the States? Also, I suppose I’d be pulled into an interrogation room and questioned as to why I’m bringing this much back and how I got it. Man, this is going to haunt me for the next few months until I do go back!
You could buy several fully refundable air tickets from an American carrier. Study the fare rules carefully. Make sure they are e-tickets, so you don’t have any documentation on you when you go through U.S. customs. And pray your airline doesn’t declare bankruptcy mid-trip.
Ask for a refund when you get back to the states.
Report back to this forum if this actually works!
This feels like the movie “Catch me if you can”
Bring 9,900 on your person and send the rest in travelers cheques signed 1 time, through the mail.
Chris is right. You can completely legally bring any amount of currency into the US; you just have to declare it. They will ask you how you earned the money, whether you filed taxes on it, etc. then send the information to the IRS. If you have properly reported your income on your tax filings in the US then you shouldn’t have to pay any additional taxes on it.
I’m curious why you wouldn’t just wire the money from your Taiwan account to your US account? It’s a lot safer that way and looks much less suspicious.