Legal Question in Business Law in California
1) Why does any cash over $10,000 have to be declared to US customs? Does the IRS charge a tax on anything over $10,000 or what?
2) Is there a $5 million tax exemption for an inheritance?
Asked on 1/23/17, 2:58 pm
1 Answer from Attorneys
Keith E. Cooper
Keith E. Cooper, Esq.
1) That's what federal law says. The figure may be somewhat arbitrary, but its purpose is to prevent money laundering and has nothing to do with taxes.
Answered on 2/06/17, 1:46 pm
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