Mobile Passport Control (MPC)

[hrhdhd]

4 hours ago, NutsAboutGolf said:

Agents having discretion is surprising, if one owes duties it's pretty black and white that one owes duty.  Simply comes down to if the agent likes you or not.

They probably like honest people. 

 

And I generally don't argue with people with guns. 🤷

[NutsAboutGolf]

7 minutes ago, markeb said:

 

If you want to have real fun (not), Google "Harmonized Tariff Schedule". When you carry an item through customs, you get an exemption of $800 per person and then a flat fee of 4%. There are higher limits in the Caribbean. Over I think $1800, you revert to the Harmonized Tariff Schedule, which may well be a better deal!

 

For instance, if you import a Stainless Steel Rolex at >$10,000 (bad example because you can't find one to buy, but bear with me...), and there are two of you traveling together, you'd the first $1600 would be duty free. You'd then pay 4% on $8400 or $336.

 

Under the HTS, you'd pay $1.75 for the movement, plus 4.2% of the value of the case, plus 9.9% of the value of the watch band. If you bought the Rolex overseas and are hand carrying it, you don't have any of that information, but it probably works out to less than $200, and involves a ton of paper work. It's not worth the effort for CBP, generally speaking. Other items that are based purely on purchase price are easier. And truly prohibited items (new ivory, for instance), are easy targets. Actually the biggest issue on watches (and handbags) is CITES for exotic animal skins!

 

If you shipped that watch to yourself via FEDEX, FEDEX does everything and charges a handling fee, which is often more than the duty. I think I bought a watch from Germany years ago for about $2200. Duty was around $13 and FEDEX charged $35 for handling. Which is why CBP rarely bothers with duties unless something is really expensive or truly egregious.

 

Good to know.  A little turkey day eve humor..."The girls next door gave me a Rolex for my birthday.
But I think they misunderstood when I said I wanna watch." 

[Arizona Wildcat]

7 hours ago, alyssamma said:

Completely incorrect. *All* income is reportable.

 

And I didn't go on this tangent...was responding to someone who did.

You seem to have strange comments.

 

Not all income is reportable.  There are some twenty categories of $$ received that are not taxable and many do not need to be reported on a tax return. You are confusing taxable with reportable.  You do not report interest of many bonds including those from Puerto Rico, $$ paid at or less the Federal per diem rate from an employer and there are many others.

 

Moving on.

[Charles4515]

21 minutes ago, Arizona Wildcat said:

You seem to have strange comments.

 

Not all income is reportable.  There are some twenty categories of $$ received that are not taxable and many do not need to be reported on a tax return. You are confusing taxable with reportable.  You do not report interest of many bonds including those from Puerto Rico, $$ paid at or less the Federal per diem rate from an employer and there are many others.

 

Moving on.

 

You are correct. However I did report my losses on Puerto Rican bonds.....😩

 

Some good examples income recieved not reportable  is inheritance under 11 million or soemthing like that , child support, sale of home proceeds.......

[alyssamma]

49 minutes ago, Arizona Wildcat said:

You seem to have strange comments.

 

Not all income is reportable.  There are some twenty categories of $$ received that are not taxable and many do not need to be reported on a tax return. You are confusing taxable with reportable.  You do not report interest of many bonds including those from Puerto Rico, $$ paid at or less the Federal per diem rate from an employer and there are many others.

 

Moving on.

You need to read the context. I could have copied it all, but assumed you were following along...I guess not.

 

The income we were talking about was gambling winnings. This is what started the discussion about paying taxes. All gambling is 100% reportable AND taxable. Not confusing anything, but you certainly are.

 

Since you've moved on, hopefully you'll follow more closely next time.

[alyssamma]

17 minutes ago, Charles4515 said:

 

You are correct. However I did report my losses on Puerto Rican bonds.....😩

 

Some good examples income recieved not reportable  is inheritance under 11 million or soemthing like that , child support, sale of home proceeds.......

Again, context ..

[Mark_K]

21 hours ago, Charles4515 said:

 

You are correct. However I did report my losses on Puerto Rican bonds.....😩

 

Some good examples income recieved not reportable  is inheritance under 11 million or soemthing like that , child support, sale of home proceeds.......

An inheritance is not income, any money due is not income tax, it’s inheritance tax.

[Charles4515]

1 hour ago, Mark_K said:

An inheritance is not income, any money due is not income tax, it’s inheritance tax.

It is income but there is no federal income tax on an inheritnnce.  It does not get reported to the IRS. If it is more than 12 million there may be estate tax.  

[alyssamma]

15 minutes ago, Charles4515 said:

It is income but there is no federal income tax on an inheritnnce.  It does not get reported to the IRS. If it is more than 12 million there may be estate tax.  

This is correct...it is income. However, as said above, the income we were discussing was  gambling winnings.