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#330352 - 03/27/09 10:49 AM Reentering the US with large sums of money?  
Joined: May 2008
Posts: 28
Troy Patrick Offline
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Troy Patrick  Offline
Is anyone familiar with the amounts of money that someone couple leave Belize or any other country with and re-enter the US with?

I've tried googling all sorts of things but with little luck.

All I've come up with is that it appears customs doesn't care as long as the amount isn't over 10K but what would the IRS say?

If someone were to make income on foreign soil - does the IRS have any ability to tax their citizens on that money?

#330354 - 03/27/09 10:53 AM Re: Reentering the US with large sums of money? [Re: Troy Patrick]  
Joined: Feb 2009
Posts: 2,945
champion Offline
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champion  Offline
Isn't it 18 mos. out of country, then no taxes due?


Reality is only an illusion that occurs due to a lack of alcohol
#330355 - 03/27/09 10:54 AM Re: Reentering the US with large sums of money? [Re: Troy Patrick]  
Joined: May 2000
Posts: 6,628
Amanda Syme Offline
Amanda Syme  Offline
$10,000 per family.

Even if you are carrying cheques in large amounts you are supposed to claim/report them.


#330357 - 03/27/09 10:55 AM Re: Reentering the US with large sums of money? [Re: Amanda Syme]  
Joined: May 2000
Posts: 6,628
Amanda Syme Offline
Amanda Syme  Offline
If you are US citizens you are expected to report all income from all sources. Once you are considered non-resident then there is an exemption threshold - I think somewhere in the region of US$70K per year.

#330362 - 03/27/09 11:18 AM Re: Reentering the US with large sums of money? [Re: Troy Patrick]  
Joined: Jun 2008
Posts: 1,981
ragman Offline
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ragman  Offline
Troy, You can return with any amount of money but you must declare anything over $10,000. US citizens are subject to income tax on money earned outside the US. This is how I understand the law to be.


Jim
Somewhere on a beach in Belize
#330363 - 03/27/09 11:20 AM Re: Reentering the US with large sums of money? [Re: ragman]  
Joined: May 2008
Posts: 28
Troy Patrick Offline
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Troy Patrick  Offline
Ragman -

If I follow you - you're saying that if i return with less than 10K it then becomes my responsibility to report that income to the IRS since customs wont require me to report it?

#330366 - 03/27/09 11:40 AM Re: Reentering the US with large sums of money? [Re: Troy Patrick]  
Joined: Mar 2006
Posts: 1,817
JZB Offline
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JZB  Offline
It is ALWAYS your responsibility to report ALL income to the IRS.

#330368 - 03/27/09 11:41 AM Re: Reentering the US with large sums of money? [Re: JZB]  
Joined: Mar 2006
Posts: 1,817
JZB Offline
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JZB  Offline
Unless you're really asking the question..."If I don't report it to customs, will IRS find out about it?"

#330369 - 03/27/09 11:47 AM Re: Reentering the US with large sums of money? [Re: Troy Patrick]  
Joined: Jun 2008
Posts: 1,981
ragman Offline
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ragman  Offline
Troy, If there is a record of a tranaction, be it customs or bank record you should be able to explain the transaction to the IRS if asked. If you can't, good luck.


Jim
Somewhere on a beach in Belize
#330383 - 03/27/09 01:11 PM Re: Reentering the US with large sums of money? [Re: ragman]  
Joined: Sep 2004
Posts: 444
cracked up Offline
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cracked up  Offline
Need to question one's intelligence when they ask such a question on a public forum.

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