AmericanWannabe
Registered Users (C)
My home country bans it. Does USA also ban it?
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Is it legal to send small amount of cash by ordinary mails?
- Thread starter AmericanWannabe
- Start date
US governemnt rules require you to declare monetary instrument movements over 10K that are not put through banking channels. So small amount of cash is fine.
Something not directly related to this, but I heard this morning on NPR that IRS is going to clamp down on those who own foreign credit cards and have not declared it, because a large number of people are now using these to hide overseas income. Anyone know what it is? I checked the IRS web site and did not find anything.
Something not directly related to this, but I heard this morning on NPR that IRS is going to clamp down on those who own foreign credit cards and have not declared it, because a large number of people are now using these to hide overseas income. Anyone know what it is? I checked the IRS web site and did not find anything.
AmericanWannabe
Registered Users (C)
>I have a credit card from my home country, issued by Citibank.
>They sent me a letter last year asking for my SSN because they
>have to report interest earnings to IRS for card holders living in
>the US.
How can you earn interests instead of paying interests
with a credit card?
My American Express cash rebate card pays me roughly
$200 rebate each year. Do I have to pay taxes on that?
I never received 1099 from AMEX.
>They sent me a letter last year asking for my SSN because they
>have to report interest earnings to IRS for card holders living in
>the US.
How can you earn interests instead of paying interests
with a credit card?
My American Express cash rebate card pays me roughly
$200 rebate each year. Do I have to pay taxes on that?
I never received 1099 from AMEX.
AmericanWannabe
Registered Users (C)
>It is actually possible to have a positive balance on a
>credit card...
Do the bank pay interests on that? I doubt the rate
is higher than regular revaing account therefore
anyone intentionally credit his account more than
necessary paymebnt in order to earn interests
>You probably payed more interest than this rebate, so it got >canceled out for tax purposes.
That is not the case. I always pay entire balance each
month and never carry balance (exception is that
I forgot to mail payment) so that I never pay interests.
The rebate is puirely for purchase I made thru credit card.
The rebate rate is higher when you carry the balance
but I would not carry because it can not be more than
finalcial charges
I also don't know interests can cancel any income for
tax purpose. I only heard in 1980s credit card interets
are tax deductible like mortgage interests nowadays.
>credit card...
Do the bank pay interests on that? I doubt the rate
is higher than regular revaing account therefore
anyone intentionally credit his account more than
necessary paymebnt in order to earn interests
>You probably payed more interest than this rebate, so it got >canceled out for tax purposes.
That is not the case. I always pay entire balance each
month and never carry balance (exception is that
I forgot to mail payment) so that I never pay interests.
The rebate is puirely for purchase I made thru credit card.
The rebate rate is higher when you carry the balance
but I would not carry because it can not be more than
finalcial charges
I also don't know interests can cancel any income for
tax purpose. I only heard in 1980s credit card interets
are tax deductible like mortgage interests nowadays.
Well this is how people are hiding income. They pay for all their bills and expensive gifts, holidays etc using the foreign credit card. Then undeclared foreign income is used to pay off this foreign credit card. That income is not declared by these people and no tax is paid. IRS is thus putting a clamp on foreign credit cards to put a plug to this drain in tax revenue.
My problem is that I too have a foreign credit card but transfer money from here to pay it off by doing a money transfer to my account overseas. Since I did not earn a foreign income I did not declare anything. I did not know I had to declare that I own a foreign credit card. Millions of PR must be having a foreign credit card but not using it for any illegal activity.
My problem is that I too have a foreign credit card but transfer money from here to pay it off by doing a money transfer to my account overseas. Since I did not earn a foreign income I did not declare anything. I did not know I had to declare that I own a foreign credit card. Millions of PR must be having a foreign credit card but not using it for any illegal activity.
AmericanWannabe
Registered Users (C)
Soemone say you have to declare your foreign
credit card at the custom if the credit limit is
above $10,000 because teh custom consider
that is equivalent to money
credit card at the custom if the credit limit is
above $10,000 because teh custom consider
that is equivalent to money
AmericanWannabe
Registered Users (C)
My credit card (a USA bank issued VISA) bill just came.
I say a 2% transaction charge posed upon some of
my purchases I made abroad. I wonder if these
are due to the fact some stores abroad refused
to take 2% loss so that they transfered the charge
to the card issuer, who , in turn, transfered the
charge to me, or this kind of charge is only for
currency exchnage?
If it is currency exchange charge, how come I never
see such charges for my purchase made in Canada?
I say a 2% transaction charge posed upon some of
my purchases I made abroad. I wonder if these
are due to the fact some stores abroad refused
to take 2% loss so that they transfered the charge
to the card issuer, who , in turn, transfered the
charge to me, or this kind of charge is only for
currency exchnage?
If it is currency exchange charge, how come I never
see such charges for my purchase made in Canada?