Declaring over $10,000
 

I'm just wondering, when I declare the money do they make me fill out some kind of tax form at the time, do a background check on me to decide if I should be detained for verification of my income or whatever, in other words, what happens? This is for leaving the US. Secondly, i'm skeptical as to how good an idea it is to declare the money going into a poor country as well.

I don't believe you have to declare leaving the country with currency - just bringing it in. You'd declare it to U.S. Customs. I believe it is customary to leave a tip as well.


[Moderator note: federal law requires reporting when transporting in the aggregate over $10,000 of currency into the US from another country or out of the U.S. to another country. Please see thread links below.]

What's the tipping policy in the US in such cases ? 18% ?

Welcome to FT, strider42. Here two fairly recent threads on the topic, I think they cover it pretty thoroughly, ask away if you still have any questions.

http://www.flyertalk.com/forum/trave...00-out-us.html

http://www.flyertalk.com/forum/trave...n-vehicle.html

Oh, good lord, No! :D

More around 25%, if the officer was really courteous.


to the OP: if you want to read more about CTR's (currency transaction reports), go to:
http://www.irs.gov/compliance/enforc...113003,00.html
and
http://www.fincen.gov/forms/bsa_forms/ which shows the form and also its closely related friend, the SAR.

If you withdrew the money in the US, it will already be reported. You shouldn't feel paranoid about it, unless you are one of those people that the CTR is designed for ;)

Alright, I have looked over the form, I believe, and I had actually read several pages of that related thread before I asked my question, so i'll try and be more specific. Am I looking at the right form here? http://www.fincen.gov/forms/files/fin104_ctr.pdf . Just wondering since it refers to a transaction and I don't see how this scenario would be called that. Does this form just get sent to the IRS and then i'm expected to put it in my taxes that year? What if I have accumulated cash from my business but paid taxes on it over the years, and am leaving the country to retire? I want to know what the _effect_ on me of declaring the money will be. It's only $30,000, I _know_ how easy it would be to avoid all the hassle and hide it, but i'd like to know how big of a hassle this will really be for me in the long run to do it right. And again, i'm going to Thailand, I know it is pretty corrupt there and i'm pretty worried about declaring it on the way in there as well.

If I split my amount of over USD 10,000 on two credit cards/debit cards,which I would not be carrying cash whatsoever, would I still need to declare them at customs?

The declaration is only for cash (and maybe negotiable instruments). Pre-paid credit cards, which I think you're talking about, would not apply. So no, nothing to declare.

Thirdly, it isnt a good idea to Bring 10,000 in negotiables into such countries, either.....:D

I'm trying to wrap my head around when it would be necessary to enter a country with $10,000 in hard cash unless you're conducting shady dealings.

i carried much more than 10k back and forth. i thought it necessary. are you accusing me of being dishonest. take a time out

to many, ten grand is not a whole lot of money.

amex checks have to be declared. i would also think any kind of guaranteed drafts would have to be reported. i carried large guaranteed drafts made out to various entities and drawn on the foreign bank of their choice.

i have some high limit atm cards. individual and daily pulls are limited to either 1500, 0r 2500 per card and account, i forgot which. i have 2 etrade cards, and can max each at the same time. i though about putting more money into more of my etrade accounts, or checking the limits on atm cards at other brokerages in which i have accounts if i get back into a cash necessary business.

the usa and tsa have not marked me, but at lhr, france, germany, and italy, every exit through requires serious inspection(no body cavaties)even if i have declared nothing for years.

they also take stupid stuff from me and wife. nail clippers, corkscrew, cuticle sissors,every bottle of non perscruption liquid. gels like even a large chapstick.

Unfortunately, a lot of law enforcement people feel the same way. A couple of quick reasons: going to casinos, buying property. There are many more, but the reason really shouldn't be anyone else's business.