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Bringing money into US?

Bringing money into US?

Old Nov 12th 2002, 10:00 pm
  #16  
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Default Re: Bringing money into US?

Originally posted by Mrtrave;L
abba48uk wrote:
    >
    > For what its worth, this is an issue I discussed with my bank as I
    > needed to transfer sufficient money over to the USA to buy a house.
    > Their advice was that transfers over $10,000 from a UK account to a US
    > bank account were perfectly ok and that no taxation issues arise
    > provided the transferor was a UK resident at the time of the transfer
    > and had been subject to UK tax.
    >
    > I believe transactions of this scale are reported and the $10,000 rule
    > applies to money brought into the USA by way of cash or some other
    > financial instrument that might otherwise escape detection. There is a
    > "money laundering" issue here as well as taxation of course.

What "taxation issue"?
There is no tax on bringing money into the US.

If you are getting interest on your savings you pay tax on it - it doesn't matter whether its in a UK account or US, so you will pay that anyway - there is no tax on the lump sum (So if the lump sum existed without gaining any interest you would not pay a penny (or a cent) in taxes!!!

Is that clear

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Old Nov 12th 2002, 10:16 pm
  #17  
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Or Kate, just skip all the advice, send the money to me and I'll keep it safe for you until you get to Florida.

Ange (looking over the Dolce Gabbana catalog while she writes to her good friend Kate...)
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Old Nov 12th 2002, 11:45 pm
  #18  
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Default Re: Bringing money into US?

Patrick wrote
    >
    > The other thing (and I am not 100% on this as it is not clear on some
    > bank web sites) but you only pay normal tax on the amount of money in
    > bank account (savings and stuff) not on the lump sum being put into your
    > account - example you only pay tax on the money sat in your account not
    > the sum transfered into your account (in other words you don't
    > (shouldn't) pay tax twice on the same amount of money)

You don't pay tax on the money in your account.
You only pay tax on money earned by your account.
 
Old Nov 12th 2002, 11:45 pm
  #19  
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Originally posted by angeles73
Or Kate, just skip all the advice, send the money to me and I'll keep it safe for you until you get to Florida.

Ange (looking over the Dolce Gabbana catalog while she writes to her good friend Kate...)
Nice try, Ange!!! I'm havin none of it, Missy!!!!!!! If you shop anywhere with my hard earned pennies, make it Versace!!!!!!!!! LOL!!!
Kate. xxxxx
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Old Nov 13th 2002, 12:05 am
  #20  
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Default Bringing money into US? - more info? - gift tax

Does anyone know about the "gift tax". I know that an entity can only give
someone else upto a certaing amount of money and that anything beyond that
is taxed. I am not sure exactly how that works. And I know that it makes a
difference whether you're a citizen or not. Could someone shed a light on
that?

Thanx

"LVSaint76" wrote in message
news:[email protected]...
    > Anyone have any experience of bringing a large amount of money into the
country
    > without it being taxed or taxed as little as possible? I was thinking of
    > dispersing it and wiring it in smaller amounts. Thanks.
 
Old Nov 13th 2002, 12:29 am
  #21  
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Default Re: Bringing money into US?

Originally posted by Gili
I would really recommend opening a bank account. You don't have to keep
your life savings in it. Just open one up with $100, have money wired into
it and then withdraw it.

I'm all for the bank account, but my fiance isn't, and won't budge on it. It really is a long story!! I intend to open one as soon as I can, and any cash he gives me to pay the bills will go straight in there.
Kate. xxxxxxx
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Old Nov 13th 2002, 12:53 am
  #22  
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Default Re: Bringing money into US?

Originally posted by Lvsaint76
Anyone have any experience of bringing a large amount of money into the country
without it being taxed or taxed as little as possible? I was thinking of
dispersing it and wiring it in smaller amounts. Thanks.
Hi:

As others are mentioning -- there is a reporting requirement and then there are taxes. Do NOT conflate the two.

I'd recommend setting up a US bank account once you get here and then have your bank make a wire transfer into the US account. The banks will charge a fairly nominal fee.

By this method, it will get reported to the US government by the banks -- so the reporting has been taken care of. What you want is a trail for the money.

If you carry negotiable instruments or cash on your person of $10,000 or more, report it on entry. This is NOT a taxable event, just to prevent money laundering.

One point no one else mentioned: depositor's insurance in the US is $100,000 per institution. So if you have more than $100,000 -- split it up between more than one US bank.

The US will NOT tax the money you bring in -- as pointed out though, once on deposit in a US bank the interest income will become taxable.
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Old Nov 13th 2002, 1:49 am
  #23  
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Default Re: Bringing money into US?

Depending on the state, you may trigger state income taxes on your deposits
as well as interest earnings.


"abba48uk" wrote in message
news:[email protected]...
    > To help clarify the last post (sounds a bit final...lol), you are
    > taxed on any iinterest received on bank account deposits, but ONLY by
    > one Tax authority.......either UK or USA in my case. As patrick
    > says, there is no double taxation. Only one of the greedy buggers
    > gets at you for tax.
    > --
    > Posted via http://britishexpats.com
 
Old Nov 13th 2002, 3:06 am
  #24  
Paul
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Default Re: Bringing money into US?

In article , angeles73
writes
    >Or Kate, just skip all the advice, send the money to me and I'll keep
    >it safe for you until you get to Florida.
The correct term is "resting in my account"
--
paul
58-77 Sheffield 77-79 Coventry 79-88 Sheffield 88-97 Milton Keynes
97-99 London 99-00 Seattle 00-?? Fremont
 
Old Nov 13th 2002, 3:06 am
  #25  
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Default Re: Bringing money into US? - more info? - gift tax

Original message from Gili , dated Tue, 12 Nov 2002
at 17:05:15:

    >Does anyone know about the "gift tax". I know that an entity can only give
    >someone else upto a certaing amount of money and that anything beyond that
    >is taxed. I am not sure exactly how that works. And I know that it makes a
    >difference whether you're a citizen or not. Could someone shed a light on
    >that?

As far as I know (plus the usual disclaimers)

$10k per person per year - the giver can give to as many as they want,
the receiver can only receive one gift [though I don't know whether
that's one per giver or one totally]. Being a citizen doesn't matter
[you're still getting taxed if you're not a citizen]
--
paul
58-77 Sheffield 77-79 Coventry 79-88 Sheffield 88-97 Milton Keynes
97-99 London 99-00 Seattle 00-?? Fremont
 
Old Nov 13th 2002, 5:39 am
  #26  
Mrtravel
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Default Re: Bringing money into US?

What states make you pay income tax on money deposited?
Deposited money isn't income.
Tax on earnings, yes.
Tax on the amount deposited, I really doubt it.

Ronald Austin wrote:
    >
    > Depending on the state, you may trigger state income taxes on your deposits
    > as well as interest earnings.
    >
    > "abba48uk" wrote in message
    > news:[email protected]...
    > >
    > > To help clarify the last post (sounds a bit final...lol), you are
    > > taxed on any iinterest received on bank account deposits, but ONLY by
    > > one Tax authority.......either UK or USA in my case. As patrick
    > > says, there is no double taxation. Only one of the greedy buggers
    > > gets at you for tax.
    > >
    > > --
    > > Posted via http://britishexpats.com
 
Old Nov 13th 2002, 5:40 am
  #27  
Mrtravel
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Default Re: Bringing money into US? - more info? - gift tax

The recipient is not taxed.
Gift tax is paid by the giver.
Any amount over $10000 per yer per person comes off the giver's estate
tax exclusion.



Gili wrote:
    >
    > Does anyone know about the "gift tax". I know that an entity can only give
    > someone else upto a certaing amount of money and that anything beyond that
    > is taxed. I am not sure exactly how that works. And I know that it makes a
    > difference whether you're a citizen or not. Could someone shed a light on
    > that?
    >
    > Thanx
    >
    > "LVSaint76" wrote in message
    > news:[email protected]...
    > > Anyone have any experience of bringing a large amount of money into the
    > country
    > > without it being taxed or taxed as little as possible? I was thinking of
    > > dispersing it and wiring it in smaller amounts. Thanks.
 
Old Nov 13th 2002, 5:41 am
  #28  
Mrtravel
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Posts: n/a
Default Re: Bringing money into US? - more info? - gift tax

The recipient is not taxed.
Gift tax is paid by the giver.
Any amount over $10000 per yer per person comes off the giver's estate
tax exclusion.



Gili wrote:
    >
    > Does anyone know about the "gift tax". I know that an entity can only give
    > someone else upto a certaing amount of money and that anything beyond that
    > is taxed. I am not sure exactly how that works. And I know that it makes a
    > difference whether you're a citizen or not. Could someone shed a light on
    > that?
    >
    > Thanx
    >
    > "LVSaint76" wrote in message
    > news:[email protected]...
    > > Anyone have any experience of bringing a large amount of money into the
    > country
    > > without it being taxed or taxed as little as possible? I was thinking of
    > > dispersing it and wiring it in smaller amounts. Thanks.
 
Old Nov 13th 2002, 2:06 pm
  #29  
Ronald Austin
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Posts: n/a
Default Re: Bringing money into US?

Notice I said "may". My understanding, Georgia has an intangible tax on
deposits. I have no idea how it works.
Ron

"mrtravel" wrote in message
news:[email protected]...
    > What states make you pay income tax on money deposited?
    > Deposited money isn't income.
    > Tax on earnings, yes.
    > Tax on the amount deposited, I really doubt it.
    > Ronald Austin wrote:
    > >
    > > Depending on the state, you may trigger state income taxes on your
deposits
    > > as well as interest earnings.
    > >
    > > "abba48uk" wrote in message
    > > news:[email protected]...
    > > >
    > > > To help clarify the last post (sounds a bit final...lol), you are
    > > > taxed on any iinterest received on bank account deposits, but ONLY by
    > > > one Tax authority.......either UK or USA in my case. As patrick
    > > > says, there is no double taxation. Only one of the greedy buggers
    > > > gets at you for tax.
    > > >
    > > > --
    > > > Posted via http://britishexpats.com
 
Old Nov 13th 2002, 2:25 pm
  #30  
Ronald Austin
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Posts: n/a
Default Re: Bringing money into US?

A comedy of errors - first, error to use "income" as I was speaking of
intangible tax. Second, a cursory check showed no mention of deposits. Years
ago my previous wife's mom had to file for CDs she held.
Ron



"Ronald Austin" wrote in message
news:[email protected]...
    > Notice I said "may". My understanding, Georgia has an intangible tax on
    > deposits. I have no idea how it works.
    > Ron
    > "mrtravel" wrote in message
    > news:[email protected]...
    > > What states make you pay income tax on money deposited?
    > > Deposited money isn't income.
    > > Tax on earnings, yes.
    > > Tax on the amount deposited, I really doubt it.
    > >
    > > Ronald Austin wrote:
    > > >
    > > > Depending on the state, you may trigger state income taxes on your
    > deposits
    > > > as well as interest earnings.
    > > >
    > > > "abba48uk" wrote in message
    > > > news:[email protected]...
    > > > >
    > > > > To help clarify the last post (sounds a bit final...lol), you are
    > > > > taxed on any iinterest received on bank account deposits, but ONLY
by
    > > > > one Tax authority.......either UK or USA in my case. As patrick
    > > > > says, there is no double taxation. Only one of the greedy buggers
    > > > > gets at you for tax.
    > > > >
    > > > > --
    > > > > Posted via http://britishexpats.com
    > >
 

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