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Reentering the US with large sums of money? #330352
03/27/09 10:49 AM
03/27/09 10:49 AM
Joined: May 2008
Posts: 28
Saint Paul, MN
T
Troy Patrick Offline OP
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Troy Patrick  Offline OP
T
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?

Re: Reentering the US with large sums of money? [Re: Troy Patrick] #330354
03/27/09 10:53 AM
03/27/09 10:53 AM
Joined: Feb 2009
Posts: 2,955
Coeur d'Alene Idaho, USA
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
Re: Reentering the US with large sums of money? [Re: Troy Patrick] #330355
03/27/09 10:54 AM
03/27/09 10:54 AM
Joined: May 2000
Posts: 6,743
San Pedro Town, Ambergris Caye...
Amanda Syme Offline

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Amanda Syme  Offline
$10,000 per family.

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


Re: Reentering the US with large sums of money? [Re: Amanda Syme] #330357
03/27/09 10:55 AM
03/27/09 10:55 AM
Joined: May 2000
Posts: 6,743
San Pedro Town, Ambergris Caye...
Amanda Syme Offline

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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.

Re: Reentering the US with large sums of money? [Re: Troy Patrick] #330362
03/27/09 11:18 AM
03/27/09 11:18 AM
Joined: Jun 2008
Posts: 2,000
SW, MA / SW, FL
R
ragman Offline
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ragman  Offline
R
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
Formerly from somewhere on a beach in Belize
Re: Reentering the US with large sums of money? [Re: ragman] #330363
03/27/09 11:20 AM
03/27/09 11:20 AM
Joined: May 2008
Posts: 28
Saint Paul, MN
T
Troy Patrick Offline OP
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Troy Patrick  Offline OP
T
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?

Re: Reentering the US with large sums of money? [Re: Troy Patrick] #330366
03/27/09 11:40 AM
03/27/09 11:40 AM
Joined: Mar 2006
Posts: 1,818
South Ambergris Caye
JZB Offline
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JZB  Offline
It is ALWAYS your responsibility to report ALL income to the IRS.

Re: Reentering the US with large sums of money? [Re: JZB] #330368
03/27/09 11:41 AM
03/27/09 11:41 AM
Joined: Mar 2006
Posts: 1,818
South Ambergris Caye
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?"

Re: Reentering the US with large sums of money? [Re: Troy Patrick] #330369
03/27/09 11:47 AM
03/27/09 11:47 AM
Joined: Jun 2008
Posts: 2,000
SW, MA / SW, FL
R
ragman Offline
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ragman  Offline
R
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
Formerly from somewhere on a beach in Belize
Re: Reentering the US with large sums of money? [Re: ragman] #330383
03/27/09 01:11 PM
03/27/09 01:11 PM
Joined: Sep 2004
Posts: 454
C
cracked up Offline
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cracked up  Offline
C
Need to question one's intelligence when they ask such a question on a public forum.

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