Dear David Ingram,------------------------------------------------------------------
I have a question regarding bringing money into the
United States.
I am a green card holder and I have received it
through my wife (She is an American Citizen) a few
months ago and therefore I have not filed any tax
papers till today.
I live in Iran at the moment and I will be moving to
the United States (California) in the next month to
continue my studies. I have a property in Iran which I
will be renting it during my stay in the States. How
would it be possible for me to receive the monthly
rent money from Iran (legally ofcourse), without
having to pay any kind of tax on it in the states ( As
I will pay tax for it once in Iran).
Or if one day I would sell the house, how can I bring
the money in ?
If there is too much sensitivity on Iran, I can also
receive the money from another country such as Dubai
(If that would help).
How do you think I should handle this money transfer
in order to avoid any tax problems ?
Any help or advise from you would be highly
appreciated.
Regards,
What forms do I have to fill out if I am transporting more than $10,000 across the American Border ============================== david ingram replies: The forms are 104 and 105 for the US if you are taking money in or out of the US.
The US bank will report the deposit or withdrawal to the US FINCEN on form 104 which you can find at: http://www.irs.gov/pub/irs-pdf/ffc104.pdf When you move the money out of the USA, by money order or check, the bank or financial institution will report it again. The US penalties for failure to fill in these simple forms is up to $500,000 PLUS 5 years in jail. If you remove more than $10,000 at any one time, the bank will report those transactions as well. If you decide to carry the cash or transport it in or out of the USA as a cashier's cheque, you have to file form 105. You can find the form at: http://www.irs.gov/pub/irs-pdf/ffc105.pdf
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CEN-TA Cross Border Services - Tax, Visas, Immigration
http://www.centa.com/article.php/20071105021044550