Do I have to declare it to US Customs at the point of entry? If yes, will I be charged for any custom tax? Or I just simply need to declare that I have such an amount?
2007-09-13 07:23:54 · 9 answers · asked by prettysweetymarga 1 in Business & Finance ➔ Taxes ➔ United States
I know you have to declare it if you leave the country, Entering the country they want to know what you purchased overseas. I don't think I have been asked how much money I am bringing back.
2007-09-13 07:40:28 · answer #1 · answered by ralph 5 · 0⤊ 1⤋
There is no tax, but they will question you as to why you are carrying so much cash, which is going to slow down getting out of the airport.
To be safe, you should use travellers cheques.
If for some reason you have an aversion to that, then bring in $9900 in us currency, and the balance in pounds or euros. You can always exchange it at a bank here after you arrive. The law is only for when you enter or exit the country. Once you are past customs, you need not report amounts greater than 10,000. Make sure when you return you are under the threshhold again.
2007-09-13 15:07:00 · answer #2 · answered by patrick 6 · 1⤊ 1⤋
Yes, but you will have to declare that you are bringing it in because of the patriot act laws. It would be best to use credit cards and/or travelers checks, as that much money will be a potential problem for you as you never know when someone is going to rob you or worse.
2007-09-13 14:37:27 · answer #3 · answered by H. A 4 · 1⤊ 1⤋
If you have more than $10,000 in cash or negotiable instruments (checks, etc.) you must claim it upon entry and departure. Breaking it into dollars, pounds, euros and travelers checks will NOT avoid the requirement to file!
There is no tax.
Failure to claim may subject you to forfeiture of all funds in your possession.
2007-09-13 15:20:38 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋
I don't think there is a tax, but you do have to report anything over $10,000 US.
2007-09-13 14:45:35 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Last I saw $49000 was the most you could take in at any one time so $20K should be fine.
2007-09-13 14:30:26 · answer #6 · answered by Anonymous · 0⤊ 1⤋
why would you bring that much cash with you anywhere? that's what credit/debit cards are for. or convert some to travelers checks at least so if they get stolen or lost, you can get them replaced
2007-09-13 14:28:07 · answer #7 · answered by Anonymous · 1⤊ 2⤋
yeah seriously, send me some. im sure you're just going to waste it on useless suveniors that are going to be thrown in the garbage in a year or two.
2007-09-13 14:33:35 · answer #8 · answered by Anonymous · 0⤊ 4⤋
mail some to me
thanks
2007-09-13 14:27:56 · answer #9 · answered by baby_rost 3 · 0⤊ 4⤋