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I am an immigrant and I want to bring money from my country to the US. I know I have to declare the amount of money if it is more than $10,000, However I don't know the tax policy on my money. Do I have to pay tax on it and if yes, what is the percentage approximately?

  • I don't know the answer, but for most people the next tax year begins January 1. Suggest you contact an American accountant or tax lawyer and find out what moves you should make before January 1, especially if you are immigrating after January 1. – Gerard Ashton Dec 18 '18 at 1:39
  • @GerardAshton US income tax applies to income. Transportation of money that is already yours into or out of the United States does not count as income. – phoog Dec 18 '18 at 3:23
  • @phoog, as far as I know US income taxes do apply to income, but the funds may have been in some other form shortly before coming to the US, such as stock. So timing of changes may be important. – Gerard Ashton Dec 18 '18 at 3:44
  • @GerardAshton that is true. – phoog Dec 18 '18 at 3:45
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US Customs and Border Protection says:

Money and Other Monetary Instruments

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Ask the CBP officer for the Currency Reporting Form (FinCen 105). The penalties for non-compliance can be severe.

"Money" means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, travelers' checks in any form, money orders, and negotiable instruments or investment securities in bearer form.

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Imports of cash or cash equivalent to the US are not taxed.

Green card holders are subject to US income tax on their worldwide income, however, so if you acquired any of that money while you were a US permanent resident, you will have reported it on the tax return for the appropriate year, and it will already have been taxed.

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