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Bobsmyuncle - Tax questions

Bobsmyuncle - Tax questions

Old Jun 4th 2017, 7:51 am
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Default Bobsmyuncle - Tax questions

Sorry to jump in on this thread... We are kind of in a similar situation...
a) My spouse and me just moved to US and have more than 20K savings in each of our accounts.
Should we declare this? My spouse is not working yet in US.
b) Can we transfer all that money from Uk to US towards buying a house? Are there any US tax implications? (this is the savings after all UK tax being paid).
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Old Jun 5th 2017, 2:15 pm
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Default Re: Bobsmyuncle - Tax questions

Hi,

I moved your post to a new thread so it will get more attention.

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Old Jun 5th 2017, 2:58 pm
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Default Re: Bobsmyuncle - Tax questions

There are no tax implications to moving your money from the UK to the US.

Use an on-line FX broker-remitter to get the best rate when you move your money and convert it to dollars. Transferwise is often recommended as the cheapest option with the best FX rates, but there are many competing businesses - xe.com, Xoom, etc.
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Old Jun 5th 2017, 5:50 pm
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Default Re: Bobsmyuncle - Tax questions

Originally Posted by Pulaski View Post
There are no tax implications to moving your money from the UK to the US.

Use an on-line FX broker-remitter to get the best rate when you move your money and convert it to dollars. Transferwise is often recommended as the cheapest option with the best FX rates, but there are many competing businesses - xe.com, Xoom, etc.
Thanks Pulaski. Is there any limit that i can move into USA? Also read somewhere that i need to declare (to ira) about the overseas savings ? Do i?
I'm on L visa, having just come to US.
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Old Jun 5th 2017, 6:21 pm
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Default Re: Bobsmyuncle - Tax questions

You're going to be subject to US taxes anyway, but there is no limit on time or amount that you move into, or out of the US without any tax implications (no tax on the movement and interest is taxable whether your money is held in the US or overseas).

If you look back at the other thread, where you first posted your question, you will see my advice on alerting the receiving bank that the money is coming. Also send it in one block or large amounts, if you start sending multiple sub-$10k amounts you may stir up the curiosity of the receiving bank, and not in a good way.

You will have to declare the account per the other advice you have probably seen on other threads, if you have over $10k aggregate outside the US at any point during the year.

Last edited by Pulaski; Jun 5th 2017 at 6:30 pm.
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Old Jun 5th 2017, 6:23 pm
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Default Re: Bobsmyuncle - Tax questions

If you have foreign accounts over $10k you must tell the US Treasury using an FBAR form.

There will be US tax due on any interest on your UK accounts from the time you became US resident.

There's no limit to the amount you can transfer between the US and the UK.
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Old Jun 5th 2017, 6:58 pm
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Default Re: Bobsmyuncle - Tax questions

Thanks Pulaski and Nun. All points noted.
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Old Jun 5th 2017, 7:15 pm
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Default Re: Bobsmyuncle - Tax questions

Originally Posted by bobsmyuncle View Post
Thanks Pulaski and Nun. All points noted.
You're welcome.
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