During the summer vacation in my home country, my parents gave me $50,000 USD in cash (they exchanged this cash several years ago from the bank by their savings) to support me buying a car. Recently (within less than 15 days) when I came back to the US, I brought this cash with me and, upon my arrival, I deposited it in my bank account on an ATM.
However, at that time I didn't realize (and sorry I didn't even do a search) that I must declare this cash to the US customs by FinCEN 105, as the amount exceeded $10,000. So I didn't declare, and just passed the "nothing to declare" gate. Neither did I know that the cash deposit, with the amount exceeding $10,000, would also be reported to IRS as part of the Bank Secrecy Act and I must file a Form 8300.
So I am wondering what will be affected, and what I need to do now. Specifically,
- For the customs declaration at the US entrance, can I make up a FinCEN 105 filing now (even after my entrance)? What will be the consequences of doing (or not doing) so?
- For the $50,000 deposit on ATM, I guess I need to file a Form 8300 soon (within 15 days from the deposit) right? Then, given my visa and tax status and the nature of these money, will there be any tax?