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bringing money to the US

bringing money to the US

Old Aug 4th 2006, 10:50 am
  #1  
Meh
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Default bringing money to the US

I know similar questions were posted here, but I didn't find difinite
answer.

My dad has sold his property in Iran and wants to bring the money to
the states.

1) he is worried of tax to be paid on let's say 100K? Does he have to
pay tax on it and how much would that be?

2) he is looking for a reasonable transfer of money from Iran,
considering there is no American Bank branch in Iran.

Can anyone help please?
 
Old Aug 4th 2006, 11:56 am
  #2  
Ray
 
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Default Re: bringing money to the US

He can bring it all in in cash if he wants to .... BUT it must be declared upon entry.....
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Old Aug 4th 2006, 2:05 pm
  #3  
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Default Re: bringing money to the US

Originally Posted by Meh
1) he is worried of tax to be paid on let's say 100K? Does he have to
pay tax on it and how much would that be?
As Ray said, no tax to be paid, but he must declare it. Also, I thought it was difficult to bring that much money out of Iran. Isn't there a limit on how much he can bring out at one time?

2) he is looking for a reasonable transfer of money from Iran,
considering there is no American Bank branch in Iran.
My Iranian husband has been in the USA for 2 years and has used two methods....sending cash with someone who's actually going to Iran, or sending via Western Union to his brother in Turkey who then carries the cash over. Basically, cash only, either way. No way to transfer directly from Iran to USA and vice versa.

Best Wishes,
Rene
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Old Aug 4th 2006, 2:06 pm
  #4  
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Default Re: bringing money to the US

Just be ready to prove that the money comes from a legitimate source
and has nothing to do with terrorism.
Such an amount coming from Iran has between a 95 % chance (wire
transfer) and a 99.999% (cash) of being investigated.

Cash will look very suspicious, you'll have an hard time convincing the
IRS, FBI whoever that it comes from a legitimate source if you opt for
cash.

A bank transfer doesn't have to be originated from a US bank ; foreign
banks have contacts with US banks ...

meh wrote:
    > I know similar questions were posted here, but I didn't find difinite
    > answer.
    > My dad has sold his property in Iran and wants to bring the money to
    > the states.
    > 1) he is worried of tax to be paid on let's say 100K? Does he have to
    > pay tax on it and how much would that be?
    > 2) he is looking for a reasonable transfer of money from Iran,
    > considering there is no American Bank branch in Iran.
    >
    > Can anyone help please?
 

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