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.

Cash/coins of currently in circulation currency, travelers checks, money orders, other negotiable financial instruments, financial instruments in bearer form.

Not yet prepaid debit cards, but they are being considered along with a variety of gift cards as instruments that can be used to launder money (and I don't mean than in terms of washing machines/buckets that launder clothes and bed linens).

Have you ever had to do legitimate business, personal or family business, in places with limited banking facilities where daily ATM withdrawal/withdrawal limits are problematic in helping to meet timely payment of legitimate goods or services from individuals or businesses that don't have or don't like merchant banking relationships or need the money sooner than later? Apparently not. Use of cash -- even large volumes of cash -- is legitimate and often even expected by a variety of legitimate business or personal counterparties.

let's use a very real example. i mANUFACtured photo frames. in my product, iused real italian molding. most of it was purchased in italy at an annual trade show in blq. italy in a notorous tax evasion country. production was limited, and if i wanted to see product in 3 months, i paid cash. a small container carried 100000meters of moulding, a large container, 200000 meters of my product. at a buck a meter, this is not atm machine payments. i got AMEX TC's from AAA for free. they had on denomination larger than $100. my wife and i would spend an evening signing the things.

re depositinjg to a us bank was also a task.each had to be countersigned and us banks go crazy at over 10k deposits.

I'm not accusing anyone of anything, I just don't get the rationale. Unless you're going to Burma or someplace with no ATM's or ability to use credit cards, why would you want to carry cash? Also...as we know, you earn no miles when you pay cash haha.

Some of the info in this thread is absolutely incorrect. You do have to declare the export of cash or certain cash equivalents of 10k or more when leaving the country, as well as returning. The requirement to make the declaration has nothing to do with whether there is a checkpoint or not. See the instructions regarding Fincen form 105. Failure to do so could result in forfeiture and criminal penalties.

For the EU you have to amounts over 10.000€ cash or cash equivalency if you leave or enter the EU.

The necessary declaration from can be found here
EU Customs Cash Declaration Form

So for example if you fly from Germany to the US with silver coins worth over 10.000€ (about 13.000US$) you have to declare them when you leave Germany and when you enter the US.

My company in Chile (a Big Four firm, if you can believe it) issues company credit cards to Partners only. When I travel for extended periods, I have to take out a cash advance from the company and thus fund my trip. It's a nightmare for hotels, but I've never had a problem getting into the US once I explain the reason for so much green.

I like a punt, so flying to Vegas or heading on a cruise cash was good ( or coming back from these locations winning). LOC are one way to do it but if you win what to do?

exactly how does one get $50,000US out of an atm machine? how does one charge 50 grand on a credit card? i sometimes jumble things up. i think i was quite clear on the need for the money, and i know of no other form of guaranteed cash in a foreign transaction. in the world of buying automobiles at auction, one uses a "sight draft'. that is guaranteed cash. one cannot buy half a dozen fresh MB's and a porsche or two and put them on a credit card, even in usa.

there were a couple of us companies i bought from that demanded credit card. i am certain they paid over 2% to get paid by my card. sometimes i had to use 2 cards, because i had a max 25k limit on my biggest card. these guys were paying $1000 to hit my card, and i was getting 40k miles.(and 30 day terms)

Declare them to Germany when you leave Germany with proof and other numismatic (collectible) plat/gold/silver/copper coins? Given that they trade at prices largely determined by their rarity, condition and aesthetic value, it seems strange that Germany would have an export control on that but not on jewellery of even much greater value than 10,000 EUR.

Most major jurisdictions of relevance to me treat, for the purposes of export or import declaration, precious metal bullion/coins/jewellery as distinct from currency (cash or coin) in circulation.