soulblazer28
10-22-2007, 03:38 AM
Hello,
I'm a US citizen and married a Mexican lady. She has a bank account in Mexico earning interest and now we would like to transfer that money and pay off our mortgage. What is the best way to do this?
Firstly, if we do a transfer from the Mexican bank to our US bank account, will there be any monetary pentalties, ie. taxes of any sort? Does this count as new income?
The other way I can think of is to withdraw it, carry it in pocket, but there are three things that worry me. Firstly, I believe there is a $10k limit for cash crossing the border, then there is a $1k limit for exchanging currency without going through some documentation process, then I'd have to deposit the money in my account, and I'm wondering if that will trigger some audit or homeland security flag. I'm thinking this is the last resort.
So anyone have any ideas or is familar with laws regarding thransfer of cash that was pre-existing -- meaning it is not new revenue per se.
Thanks!
I'm a US citizen and married a Mexican lady. She has a bank account in Mexico earning interest and now we would like to transfer that money and pay off our mortgage. What is the best way to do this?
Firstly, if we do a transfer from the Mexican bank to our US bank account, will there be any monetary pentalties, ie. taxes of any sort? Does this count as new income?
The other way I can think of is to withdraw it, carry it in pocket, but there are three things that worry me. Firstly, I believe there is a $10k limit for cash crossing the border, then there is a $1k limit for exchanging currency without going through some documentation process, then I'd have to deposit the money in my account, and I'm wondering if that will trigger some audit or homeland security flag. I'm thinking this is the last resort.
So anyone have any ideas or is familar with laws regarding thransfer of cash that was pre-existing -- meaning it is not new revenue per se.
Thanks!