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TSA and carrying $10,000 or more cash on an airplane

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Latest post Tue, Apr 25 2017 8:17 AM by ca19lawyer2. 25 replies.
  • Sun, May 25 2014 7:29 AM In reply to

    • Drew
      Consumer
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    Re: TSA and carrying $10,000 or more cash on an airplane

    We live in times when the transportation of large amounts of cash invites problems so why invite  problems ?

    And even the frequent movement of cash of lesser amounts might invitE problems .  



  • Sun, May 25 2014 12:07 PM In reply to

    Re: TSA and carrying $10,000 or more cash on an airplane

    TaxAgent's response is, as always, complete and accurate.

    I will add that when you return to the United States from overseas and fill out a Customs Declaration form, they specifically ask if you are transporting $10,000 or more in any kind of monetary instruments.

    Have a look at the official CBP (Customs and Border Protection) website:

    http://www.cbp.gov/travel/us-citizens/sample-declaration-form 

    Item #13 concerns transporting monetary instruments, including cash.

    TSA has nothing to do with this.  

     

  • Mon, May 26 2014 12:12 AM In reply to

    • Phantom1949
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    Re: TSA and carrying $10,000 or more cash on an airplane

    Thank you.  I am not looking to be right but to get the right informaiton.

     

    So if hwat I read from you is correct, transporting currency from the conential USA to Puerto Rico is the same as transporting from state to state within the USA and therefor no FINCIN 105 is required.

     

    I am considering relocating to Puerto Rico and hopefully take advantage of their capital gains regulaitons that if I read them correctly, would require a 10% tax if the transaction happened prior to being in Puerto Rico and owning the items for less then 10 years. Assumming this is correct, a 10% tax would be better then the standard 20 - 40% capitals gains that is iassessed in the USA.

    My concern is that to hold foreign currency and exchange that currency while in the continential USA the standard IRS capital gains taxes would apply instead of the capital gains as applied in Puerto Rico as a Resident of Puerto Rico.

    IT sounds like I would be also to fly to Puerto Rico (with security and currency in hand),then do ther exchange once my Puerto RIco residency is established.

    Of course I will want to reverify this with attorneys I retain, but wanted to research this prior to speaking to attornied and any execution

    Please advise if anything I am saying sounds incorrect.

     

    Respectfully.......

     

     

     

     

     

  • Mon, May 26 2014 12:41 AM In reply to

    • kfr1960
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    Re: TSA and carrying $10,000 or more cash on an airplane

    large amounts of cash raise suspicion if any type of law officer becomes involved , wheather or not it is legal or illigel you are going to be quizzed or questioned about it from my experience. once i won around 5k at a casino, and got pulled over for speeding on my way home . when i pulled out my drivers licence when he asked , he seen my wad of cash that was big enough to chike a horse, he started to ask all kinds of questions about where i been and where i got all that money from . i had nothing to hide so i just refused to answer his questions, denied him permission to search my vehicle w/o a warrant  and politely eplained to him that my financial situation was none of his business and to please issue me my speeding summons  and let me get on with my business. needless to say he took an immediate dislikng to me and detained me until he could check out all the data bases that he could looking for any outstanding warrants which i had none , then he summoned the canine officer to run the dog around my car which also turned up nothing  i was detained for roughly 45 mins.because i decided to stand on my rights rather than answer his questions. this has nothing to do with carrying 10k in cash on a plane  but  obvious to me that the war on drugs and 9/11 is a tool to infringe on your rights to privacy, and search and siezure laws are being slowly erroded away for little to no suspicions. no, this time  they didnt search the inside of my  car in this instance, but i did feel violated by them using the canine, hoping he would hit on something just to gain acess to search my vehicle w/o a warrant. moral of the story is that it doesnt matter if you are a law abiding citizen or a criminal you are going to be treated as i you are up to no good in the eyes of the law enforcement people

  • Mon, May 26 2014 12:42 AM In reply to

    Re: TSA and carrying $10,000 or more cash on an airplane

    What you are trying to do may get complicated, and the results may not be what you think them to be. The federal and Puerto Rico tax rules can get complicated in situations such as this. I suggest you start by reading IRS Publication 570, then meet with a tax attorney who is familiar with the tax rules relating to income by U.S. citizens and residents in U.S. Possessions, and particularly the rules of IRC 937 and the related Treasury reglations that deal with determining bona fide residence of a U.S. possession. 

  • Mon, May 26 2014 12:53 AM In reply to

    • Phantom1949
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    Re: TSA and carrying $10,000 or more cash on an airplane

    So very true.  But in these times, how one does somthing seems to be regulated by numerous agenices.

    My goal is to establish residency in Puerto Rico prior to doing any exchaing any foreigh currency I own so as to be taxed under the Puerto Rico Tax code in lieu of the IRS tax code.If once I establish Puerto Rico Residency, I can handle the currency exchage in any state then there is no need to bring the currency to Puerot Rico.  But id the Puerto Rico or IRS codes tax me in the state where the exchange occurs then there is a reason to bring the currentcy from the continential USA to Puerto Rico.

     

    LEts say for example, if I live in Wyoming and exchange the currency in Norht Carolian, then I am taxed (as far as I know) in Wyoming.  But since I woudl want to be taxed under the tax regulaiton og Puerto Rico, then I will need to determin what their tax regs say and follow those regulations.  Again, being taxed at 10% is a lot nicer then being taxes at 20 or 40%,plus the Obama Care tax add-on.

     

    From what I am reading here, I can transport the currency from the contential USA to Puerto Rico without a problem if needed as Puerto Rico is considered for transport purposes part of the USA.

     

    Of course this will be all checked out prior to doing anything but a little up fornt research is good to do.

     

    Thank you,

     

     

  • Mon, May 26 2014 1:05 AM In reply to

    Re: TSA and carrying $10,000 or more cash on an airplane

    Phantom1949:
    From what I am reading here, I can transport the currency from the contential USA to Puerto Rico without a problem if needed as Puerto Rico is considered for transport purposes part of the USA.

    Transporting the currency is not illegal and would not require the filing of the Fin Cen Form 105, as we discussed before. Your tax objectives would turn out the same if you transferred the currency through the banking system (you don't necessarily need to convert the currency to U.S. dollars for that) rather than physically carrying the cash, and electronic transmission from one bank to another would be much safer than carrying the actual cash on you.

    Establishing residency in Puerto Rico for U.S. citizen/resident moving there will make for a somewhat complicated tax situation. When you read IRS Publication 570, you'll see you'll need to file returns with Puerto Rico and the IRS, and it may turn out that the move won't save you any tax in the end. As I said, I'd strongly recommend you consult a tax attorney familiar with the possessions rules for advice before doing this. The IRS has been very keen in recent years to crack down on what it perceives as abusive use of possessions to evade or avoid U.S. tax.

  • Mon, May 26 2014 1:11 AM In reply to

    • Phantom1949
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    Re: TSA and carrying $10,000 or more cash on an airplane

    Thank you.  I agree and will.

  • Mon, Apr 24 2017 5:02 PM In reply to

    Re: TSA and carrying $10,000 or more cash on an airplane

    Go to a United States Post Office, and transfer your cash into money orders. Don't exceed $10,000. Simple. If you are doing more than $10,000 send next-day air hard carboard letters to your hotel and room number you have booked, and write on the label "please hold for arriving guest." Do not put more than $10,000 in an envelope. Send them from different post offices with different return addresses that match the zip code of the post office being used. Different handwriting. One a next-day air hard envelope, the second a 2-day air hard envelope. Ask for "no signature required."

     

     

     

  • Tue, Apr 25 2017 8:17 AM In reply to

    Why are you resurrecting his ancient thread?

    The thread is six and a half years old and has been complete dormant for nearly three years.

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