Bringing cash to US after selling overseas property - Tax and declaration questions

There are two separate issues here - customs reporting and tax implications. For the customs part: Yes, you need to declare any amount over $10,000 when entering the US using FinCEN Form 105 (CMIR). As long as the money is legitimately yours and you declare it properly, bringing $78K shouldn't cause major issues - but be prepared for additional questioning. Have all your documentation ready showing the source of funds (property sale documents). They may take extra time to verify everything, but carrying cash from a legitimate source isn't illegal if properly declared. For the tax aspect: You're correct this is likely a capital loss situation. The IRS will accept translated copies of your sale documents and original purchase documents. You don't typically need special government certification beyond a professional translation. Keep copies of: - Original purchase contract/mortgage documents - Final sale contract - Proof of any capital improvements you made to the property - Documentation of exchange rates at time of purchase and sale You'll report this on Schedule D and Form 8949 with your tax return. If this was your primary residence for at least 2 of the 5 years before sale, you might qualify for the Section 121 exclusion, but that applies to gains not losses.

I was in a similar situation last year when I sold my condo in Argentina and had to bring back about $65k in cash due to their banking restrictions. I found this amazing service called taxr.ai (https://taxr.ai) that helped me sort through all the documentation requirements for both customs and tax reporting. They have specialists who understand international property transactions and can review your translated documents to ensure they meet IRS requirements. Their system analyzed my foreign property sale documents and identified specific deductions I could take related to the loss. They also provided me with a detailed report explaining exactly what I needed to declare at customs and what documentation would satisfy both customs agents and the IRS. Honestly saved me so much stress during an already complicated situation.

Just wanted to follow up after using taxr.ai for my situation bringing money back from selling my father's house in Korea. It was actually really helpful! They reviewed my translated documents and pointed out several issues that would have caused problems with the IRS. They also created a custom letter explaining the source of funds that I showed to customs when declaring the cash. The customs officer actually commented that my documentation was unusually thorough and it made the process go much smoother than expected. When filing my taxes, I followed their guidance about reporting the capital loss and was able to offset some gains I had from stock sales last year. Definitely worth checking out if you're dealing with foreign property sales like this.

I dealt with something similar when bringing back money from selling property in Mexico. One crucial tip - if you're planning to handle the customs declaration yourself, prepare for potentially long delays. I spent over 3 hours in secondary inspection despite having all my documents. I wish I had known about Claimyr (https://claimyr.com) before my trip. They specialize in helping people navigate customs declarations for large cash amounts from legitimate sources like property sales. You can see how their process works here: https://youtu.be/_kiP6q8DX5c They provide a preparation package with exactly what customs officers are looking for, and they can even arrange for someone to be available by phone during your entry if questions come up. This would have saved me so much stress at the airport.

I need to follow up on my previous comment. I was skeptical about Claimyr but decided to try them before my trip back from selling property in Brazil last month. I'm honestly surprised at how much it helped. Their prep kit highlighted several documents I hadn't considered bringing (like bank statements showing the original wire transfers when I purchased the property years ago). They also provided a simple one-page summary sheet that organized all the information in exactly the format the customs agent needed. When I arrived and declared my cash (about $95K), I was still pulled aside for additional inspection, but it only took about 25 minutes instead of the hours I was dreading. The agent actually commented that my documentation was "refreshingly complete." I was wrong in my initial assessment - while they don't give you special access, they definitely know what they're doing when it comes to preparing for these declarations.

Don't forget about FBAR requirements too - if you had over $10k in foreign financial accounts at any point during the year (which it sounds like you did from the property sale), you need to file FinCEN Form 114. This is separate from your tax return and has pretty severe penalties if you miss filing it. Also, depending on which state you live in, there might be state tax implications for your foreign property sale too. Most states follow federal rules for capital gains/losses, but some have their own quirky requirements.

Something important no one mentioned - make sure you're carrying your cash securely! When I brought back money from my property sale in Colombia, I used a special money belt and split the cash between different secure locations (some in carry-on, some on my person). $78k in cash is a significant target for theft. Also, call your bank ahead of time to let them know you'll be depositing a large cash amount. Some banks have filed suspicious activity reports for large cash deposits even when customers had documentation about the source.

One more thing to consider - if you're flying with that much cash, check with your airline about their policies on carrying large amounts of money. Some airlines have specific procedures or restrictions, especially for international flights. Also, consider the timing of your deposit once you're back in the US - banks are required to report cash deposits over $10,000 to the Treasury, so having your property sale documentation ready when you make the deposit will help avoid any delays or additional questions from your bank's compliance department. I'd also suggest keeping a detailed travel log showing your movements and the chain of custody for the money, just in case you ever need to prove the legitimate source and timeline. The IRS appreciates thorough documentation, especially for international transactions.

This is exactly the kind of complex situation where proper documentation is crucial. A few additional considerations based on your timeline: Since you mentioned the apartment was your primary residence until 2021, make sure you have documentation proving when you moved to the US. The IRS may want to verify the timeline for any potential Section 121 exclusion eligibility, even though you're dealing with a loss. For the cash transport itself, I'd recommend getting a cashier's check or bank draft in Greece if at all possible, even if their banking system is problematic. Many Greek banks can still issue checks drawn on US correspondent banks, which would eliminate the security risks and customs complications of carrying physical cash. It's worth calling a few banks in Greece to explore this option before committing to the cash transport. If you must carry cash, document everything with photos - the original euros before conversion, any exchange receipts, and keep all currency conversion documentation. The IRS will want to see how you calculated the USD amounts for your capital loss, and having clear documentation of exchange rates used will be important. Also consider filing Form 8938 (FATCA) if your foreign financial assets exceeded the reporting thresholds at any point during the year. This is separate from FBAR but equally important for compliance.

Based on your situation, I'd strongly recommend getting professional help given the complexity of international property sales, FBAR requirements, and customs declarations all happening together. A few additional points that might help: **For the cash transport**: Contact the Greek consulate or embassy in your area - they often have updated lists of which Greek banks are still functioning normally for international services. Alpha Bank and National Bank of Greece have historically maintained correspondent relationships with US banks, but you'll need to verify current availability. **Currency conversion documentation**: Keep records of the exact exchange rates you use for converting your purchase price and sale price to USD. The IRS accepts rates from xe.com, oanda.com, or the Federal Reserve's daily rates. Consistency in your rate source is important. **State tax considerations**: Since you mentioned this was your primary residence before moving to the US, check if you established tax residency in your current state before the 2021 sale. Some states have different rules for capital losses from foreign property, and you may need to file amended returns depending on when you actually became a US tax resident. **Backup plan**: Given the amount involved, consider splitting your trip - make one trip to arrange banking/check solutions, then return for the actual money collection. The extra travel cost might be worth it for the added security and compliance simplicity. The documentation requirements everyone mentioned are spot-on, but don't underestimate the value of having everything organized professionally given the multiple agencies involved (customs, IRS, state tax authorities, and potentially FINCEN).