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Of note, you aren't supposed to carry more than 10K USD in cash across the US border. Transactions over 10K have to be reported via an IRS-8300 (http://www.irs.
by tibbon 17y ago
Of note, you aren't supposed to carry more than 10K USD in cash across the US border. Transactions over 10K have to be reported via an IRS-8300 (http://www.irs.gov/pub/irs-pdf/f8300.pdf http://www.irs.gov/pub/irs-pdf/f8300.pdf), which requires the SSN of the person making the transaction, and I think there's some other entity that you might have to report them to now.
This is done (primarily) to stop money laundering and illegal activity such as drug and arms dealing, although I'm not really sure if its effectiveness has ever been proven.
- tokenadult 17y agoYou may carry as much cash as you like across the United States border (in either direction), but, as you correctly say, amounts over a specified dollar limit are supposed to be reported to the federal government. It is indeed unclear how the government could know how many persons comply with this regulation. Regulations like this usually have the effect of giving law enforcement officials something to charge a person with if the cash is discover during a search prompted by probable cause to suspect some other illegal activity.