Bringing money into US?
Nov 13th 2002, 10:29 pm
#31
Guest
Posts: n/a
Re: Bringing money into US?
Ronald Austin wrote:
>
> A comedy of errors - first, error to use "income" as I was speaking of
> intangible tax. Second, a cursory check showed no mention of deposits. Years
> ago my previous wife's mom had to file for CDs she held.
> Ron
Was she taxed on the income earned by the CD for that year or the value
of the CD?
Even though you may not be able to cash a CD in right away, the interest
earned is still taxable.
>
> A comedy of errors - first, error to use "income" as I was speaking of
> intangible tax. Second, a cursory check showed no mention of deposits. Years
> ago my previous wife's mom had to file for CDs she held.
> Ron
Was she taxed on the income earned by the CD for that year or the value
of the CD?
Even though you may not be able to cash a CD in right away, the interest
earned is still taxable.
Nov 15th 2002, 4:23 am
#32
Guest
Posts: n/a
Re: Bringing money into US? Yes you can wire to yourself
Yes you can wire money to yourself. Easy as can be.
You can't pick up $10,000 in a small midwest town without advance notice
though, or on a Saturday. But, you will get your money.
Declaring amounts over $10,000 is highly advised. If you are caught
smuggling cash you will lose it... period. Transferring money from a known
hardworking citizen's account who earned over many years is not illegal. If
the US Gov wants to check your home bank they will and you will check out as
not being host to drug money. Get it? It's LEGAL to send your money and
you should declare it if it's over $10,000 and matter of fact your bank will
do it FOR you if you forget :-)
Forget the multiple $9,500 transfers... those will be discovered too. Just
declare it and send it anyway you like. Stop worrying.
You can't pick up $10,000 in a small midwest town without advance notice
though, or on a Saturday. But, you will get your money.
Declaring amounts over $10,000 is highly advised. If you are caught
smuggling cash you will lose it... period. Transferring money from a known
hardworking citizen's account who earned over many years is not illegal. If
the US Gov wants to check your home bank they will and you will check out as
not being host to drug money. Get it? It's LEGAL to send your money and
you should declare it if it's over $10,000 and matter of fact your bank will
do it FOR you if you forget :-)
Forget the multiple $9,500 transfers... those will be discovered too. Just
declare it and send it anyway you like. Stop worrying.
