ANGIE1956

Hello everyone, does anyone know if its 10,000 dollars or 10,000 pounds, that you need to keep below?

Thank you.

Gillymonkey

I would assume it's dollors since they deal with so many different currencies .

nun

Its an IRS limit so its in US dollars. It's not a really big deal if you go over the $10k, it just means you have to file the FBAR form. The big deal is if you fail to file the FBAR and the IRS catches you as the fines are high. There are no US tax consequences as such as you will have been declaring all the interest and gains on any foreign accounts to the IRS anyway as required by US law.

ANGIE1956

Thank you. I am moving back to the UK after 24 years in florida. The tax thing is the most confussing to me.

I have learnt a lot from this site, and still learning.

nun

Here is another site that you might find helpful

http://talk.uk-yankee.com/index.php?board=11.0

If you are a US citizen or have US investments you'll have to file a US taxes and probably also a UK self assessment form. Areas that can be quite complex are pensions and payments from things like 401ks and IRAs and the fact that the UK and US tax years are different. If you have any worries use the forums for questions and you can also get professional help.