Bringing Money into the U.S.

[HaoRan]

Are there allowances for new visa holders to bring more than the declared limit (10k) without being taxed? Or, do they tax amounts which need to be declared? Anyone know the ins and outs of this?

 

My wife will be given a gift by her parents to start her new life. I would like her to have all of it coming into the US.

 

thanks for any help here.

[Randy W]

Are there allowances for new visa holders to bring more than the declared limit (10k) without being taxed? Or, do they tax amounts which need to be declared? Anyone know the ins and outs of this?

 

My wife will be given a gift by her parents to start her new life. I would like her to have all of it coming into the US.

 

thanks for any help here.

 

 

You are taxed on earnings only. The $10,000 is simply a limit for declarations. There is no penalty or tax.

 

Others who have been there can relate their experience.

Edited September 11, 2009 by Randy W (see edit history)

[dnoblett]

They don't tax you, but you need to declare it.

 

Question

 

Traveling with monetary instruments, currency, checks, etc., do I have to pay duty?

 

Answer:

 

Customs and Border Protection (CBP) does not collect duty on currency. However, travelers leaving or entering the U.S. are required to report negotiable monetary instruments (i.e. currency or endorsed checks) valued at $10,000 or more on a "Report of International Transportation of Currency or Monetary Instruments" form FinCEN 105.

 

You can obtain the form in advance and download it from here FinCEN 105, or a CBP officer can give it to you upon your departure or return to the U.S.

 

Failure to declare currency in amounts of over $10,000 can result in its seizure.

 

Information on the FinCEN 105 is provided to the IRS, and they determine whether or not the importation of monies constitutes income subject to taxation.

 

The requirement to import currency on a FinCEN 105 does not apply to imports of gold bullion.

https://help.cbp.gov/cgi-bin/customs.cfg/ph...amp;p_topview=1

 

http://www.cbp.gov/linkhandler/cgov/travel...e_cbp_decla.pdf

[HaoRan]

I see.. thanks as always guys

[HaoRan]

One more thing, what's a good method of bringing money into the states from China?

 

Convert RMB to USD in China and get an international cashier's check?

 

Or, is it possible to wire it to my bank?

 

I don't want to see it stolen either....

 

Thanks for your replies.

[dnoblett]

One more thing, what's a good method of bringing money into the states from China?

 

Convert RMB to USD in China and get an international cashier's check?

 

Or, is it possible to wire it to my bank?

 

I don't want to see it stolen either....

 

Thanks for your replies.

International bank transfer (Wire) would be best, again you need to do the FinCEN 105

[HaoRan]

cool... thanks dnoblett

[HelloWorld08]

yea, declaring is very easy, just tell the CBP that your finacee has brought cash, they will give you a form for your fiancee to fill out. when we arrived they split us up, i went to do the xray on the baggage and my fiancee(now wife) went to a counter to fill out the finCEN 105.

[chengdu4me]

The fastest easiest, safest way would be through Western Union. This can be done at any China Post Bank. You will fill out the WU form, they may require a FinCen105, also. You can send in RMB and collect in USD, since the actual physical RMB nevers leaves China.

 

If you didn't complete the FinCen105 in China when you sent the money, you will need to complete it when you pickup the money in the US at WU.

 

Painless, easy, no problems. One benefit to using WU to do this is that you will have a receipt showing that this money was not earned in the U.S and is not subject to be taxed.

[Randy W]

The fastest easiest, safest way would be through Western Union. This can be done at any China Post Bank. You will fill out the WU form, they may require a FinCen105, also. You can send in RMB and collect in USD, since the actual physical RMB nevers leaves China.

 

If you didn't complete the FinCen105 in China when you sent the money, you will need to complete it when you pickup the money in the US at WU.

 

Painless, easy, no problems. One benefit to using WU to do this is that you will have a receipt showing that this money was not earned in the U.S and is not subject to be taxed.

 

 

For sending $10,000 in the other direction, we had to set through a 45 minute "phone interview". The Western Union guy re-asked the questions on the transfer form, asked a couple more (like, "what do you do for a living"), and basically made us (and the supermarket clerk) stand there for 45 minutes. All for a $26 fee. And this was in the US.

[HelloWorld08]

The fastest easiest, safest way would be through Western Union. This can be done at any China Post Bank. You will fill out the WU form, they may require a FinCen105, also. You can send in RMB and collect in USD, since the actual physical RMB nevers leaves China.

 

If you didn't complete the FinCen105 in China when you sent the money, you will need to complete it when you pickup the money in the US at WU.

 

Painless, easy, no problems. One benefit to using WU to do this is that you will have a receipt showing that this money was not earned in the U.S and is not subject to be taxed.

 

 

For sending $10,000 in the other direction, we had to set through a 45 minute "phone interview". The Western Union guy re-asked the questions on the transfer form, asked a couple more (like, "what do you do for a living"), and basically made us (and the supermarket clerk) stand there for 45 minutes. All for a $26 fee. And this was in the US.

 

samething happen to me but it was for $100.00

[Guest Pommey]

single child?

 

remember its her money