# Declaring money on re-entrey



## Mortimer (Jun 29, 2010)

What happens when you declare legitimate money over 10 000 Dollars to customs on returning to the US?

Thanks.


----------



## Bevdeforges (Nov 16, 2007)

Not much. In fact, it's far easier to transfer the funds via a bank or other financial institution, since then it becomes their responsibility to file the report.

Literally, they just want you to declare the funds being transfered in (or out) of the US, giving their origin and the reason they are being transfered. If you've been living overseas and you're transferring the fund to establish a bank account in the US, or fund the down payment on a house or for any other innocuous reason, just state that and everything should go just fine.
Cheers,
Bev


----------



## Mortimer (Jun 29, 2010)

Bevdeforges said:


> Not much. In fact, it's far easier to transfer the funds via a bank or other financial institution, since then it becomes their responsibility to file the report.
> 
> Literally, they just want you to declare the funds being transfered in (or out) of the US, giving their origin and the reason they are being transfered. If you've been living overseas and you're transferring the fund to establish a bank account in the US, or fund the down payment on a house or for any other innocuous reason, just state that and everything should go just fine.
> Cheers,
> Bev


Thanks, the funds are savings in a local bank account deposited prior to me becoming an LPR. 

In any case, will this be reported to the IRS to determine if this is income? and if this is the case, what are the tax implications?


----------



## Fatbrit (May 8, 2008)

Mortimer said:


> Thanks, the funds are savings in a local bank account deposited prior to me becoming an LPR.
> 
> In any case, will this be reported to the IRS to determine if this is income? and if this is the case, what are the tax implications?


There's an obligation to report foreign holdings over a certain amount in your tax return.


----------



## Bevdeforges (Nov 16, 2007)

Mortimer said:


> Thanks, the funds are savings in a local bank account deposited prior to me becoming an LPR.
> 
> In any case, will this be reported to the IRS to determine if this is income? and if this is the case, what are the tax implications?


LPR? Not sure what that means. If the "local bank account" is local to the US, the arrival of the funds has already been reported to the Treasury department, according to whatever you told the transferring agent regarding the source of the funds and the purpose of the transfer.



> There's an obligation to report foreign holdings over a certain amount in your tax return.


As far as the US tax returns are concerned, you report to the Treasury Dept. (separately from your tax return) if your combined foreign accounts total > $10,000. Once the funds are in a US account, you have no further need to report them.
Cheers,
Bev


----------



## Wayfarer (Apr 4, 2009)

Mortimer said:


> What happens when you declare legitimate money over 10 000 Dollars to customs on returning to the US?
> 
> Thanks.


---


----------

