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  1. #1
    Join Date
    Feb 2005
    Location
    USA
    Posts
    1

    Default How much money can an immigrant bring into the USA?

    My wife obtained her US citizenship last year but has some property in Thailand which she will be selling next month. Obviously she will be taxed on the sale in Thailand. Net should be around $60K US, after taxes
    I heard that you can bring back under $10K per person, undeclared, to the USA. If we bring back (or wire) the entire $60K, I know we have to fill out a FinCen Form 105 but will she be taxed again on it by the IRS?
    We're wondering if it's better to leave it in a Thai bank and just bring back under $10K whenever we visit Thailand and return home.
    Any help would be appreciated.

  2. #2
    Join Date
    Sep 2004
    Posts
    758

    Default Transfering funds

    The purpose of the IRS reporting requirements, and the limits on bringing cash across borders, have to do with crime prevention, avoidance of money laundering, etc. If you were to try to bring $60,000.00 into the U.S. in cash, and did not declare it, you might lose the cash and be subject to criminal prosecution.

    In terms of carrying large amounts of cash across the border, or having it wired to a U.S. account, ordinarily the only "consequence" of a lawfully declared transaction is that you also have to disclose its source. There are no duties or taxes for a lawful international money transaction, provided the money has a legitimate source.

  3. #3
    Join Date
    Mar 2005
    Location
    USA
    Posts
    2

    Default Thai wife bringing $ back to USA

    I also have a Thai wife who is a legal alien in the USA. We will shortly be traveling to Thailand and may return with $35-40,000. What is the BEST (only?) way to get this money back to the USA?

    Cheers,

  4. #4
    Join Date
    Mar 2005
    Location
    USA
    Posts
    2

    Default

    Checkmate:

    Did you get anywhere with your $$ issue?

    Thanks,

  5. #5
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Thai wife bringing $ back to USA

    Quote Quoting longrass
    I also have a Thai wife who is a legal alien in the USA. We will shortly be traveling to Thailand and may return with $35-40,000. What is the BEST (only?) way to get this money back to the USA?
    The best way to transfer such sums is usually by wire transfer or by certified check, as that avoids the necessity of carrying large sums of cash in areas where there might otherwise be security concerns. The key is that any such transfer be properly reported, so as not to run afoul of money laundering laws. (The laws of the nation from which the money will be transferred may be substantially different than those of the United States, so it makes sense to check that nation's laws to minimize any fees, taxes, or other charges which might be levied on the transfer of monies to another nation.)

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