Do I have to pay taxes on bringing in over 10,000 dollars in Japanese yen on me when returning home to the US?
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Tagged with: home • japanese yen • returning home
Filed under: Currencies
If they catch you, you will. Also depends on HOW you came to acquire Y1M.
you where not in the United States when you made it so no I don’t think it is taxable however if you put it into a savings and make interest on it then it is Taxable.
You must report the importation of cash or negotiable instruments in excess of $10,000 or the US$ equivalent using Form FinCEN105 http://www.irs.gov/pub/irs-pdf/ffc105.pdf
Japan may have similar reporting requirements on the export; most countries do and frequently the trigger amount is much lower, typically US$5,000 or more.
No tax is assessed on the importation per-se, however you may be asked to explain the source of the funds for law enforcement and tax purposes. If the funds represent money that you’ve earned, capital gains, gambling winnings, etc. then it is taxable and you will have to report it on your tax return and pay the appropriate taxes.
The penalties for failure to file the FinCEN105 report are severe — up to confiscation of all of the funds, 5 years in prison, and fines of up to $250,000 — so don’t even think of not reporting this.
It is not that you have to pay tax on that money. Maybe you owe tax and maybe you don’t. Depends on your 2008 tax return.
You do have to report the money at the Port of Entry.
Just wire the money from your bank account in Japan to your bank account in the US.
After all, you have been reporting the existance of the bank account each year on your TD F 90-22.1 forms, right?
Do not bring over $10,000 in cash with you anywhere. Any possible tax advantage will be exceeded by the amount that you will lose if someone mugs/robs you. You might be able to deduct the theft loss, but you will still have less money than if you had sent the money electronically or used traveler’s checks.