Types

• All forms of money are treated the same legally when they are brought into the U.S. This includes U.S. or foreign cash or coins, traveler's checks, certificates of deposit, gold, money orders, and negotiable instruments or investment securities in bearer form.
  
  While all forms of money are the same legally, some forms are easier to manage than others. If you carry cash, a Customs and Border Protection (CBP) official may assume you are doing something illegal. This may cause problems as you pass through Immigration and Customs. Additional problems may arise later if and when you deposit that cash into a U.S. bank account. Large sums of cash deposited into a bank account are reported to the IRS.
  
  

Significance

• The $10,000 amount applies to each person traveling alone or to persons traveling together who have filled out a joint declaration (CBP Form 6059-B). If two persons have filed a joint declaration, they may not each bring in $10,000 U.S. Be aware that $10,000 plus cash in your pocket that together amount to more than $10,000 can have serious consequences.
  
  

Considerations

• Travelers leaving or entering the U.S. with more than $10,000 are required to fill out a Report of International Transportation of Currency or Monetary Instruments (form FinCEN 105). Information on this form is reported to the IRS, which will decide whether or not these funds are considered income and whether taxes or duties are due. Gold bullion does not need to be reported on this form. You can obtain this form online in advance from the CBP or get one as you pass through Customs and Immigration.
  
  When bringing a larger amount of money into the U.S., either in person or through a bank, it is usually necessary to declare the source of the money, such as the sale of a residence abroad. It the money has a legitimate source, there are no taxes or duties payable when you bring it into the U.S.
  
  Credit cards with high credit lines do not need to be reported. Neither do monetary instruments with restrictive endorsements or ones that are payable to a named person but not endorsed.
  
  

Warning

• Bringing too little money into the U.S. can cause problems as well. Overseas visitors must show CBP officials that they have sufficient funds to cover their expenses during their visit. There may be extenuating circumstances that cause visitors to have insufficient funds. CBP officers will decide whether the visitor can be admitted to the U.S.
  
  

Misconceptions

• Travelers passing through the United States in transit to other destinations will still have to fill out FinCEN 105.
  
  CBP does not collect duty as you pass through Customs and Immigration. However, amounts over $10,000 are reported to the IRS, which will determine whether these funds are subject to taxation.