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-   -   Bringing money into the US from UK (https://britishexpats.com/forum/usa-57/bringing-money-into-us-uk-504426/)

duncs3 Jan 8th 2008 12:16 am

Bringing money into the US from UK
 
Hi all,

Just joined this forum as I have recently (November) relocated to Long Island, NY from Surrey in the UK

I'm looking at buying a car here by using cash from my UK account (basically the proceeds from the sale of my car when leaving the UK) and before doing this I wondered if this would cause any issues, specifically with regard to taxation here when it comes to doing my tax return here in the US? I've already transferred some funds between my UK and US account but thats been only a few grand and I'm talking about $20-30k to come into my US account.

PS I used International Autosource for my initial car lease (but need two cars) and I searched for them on this site before signing up - have to say the service was good and the lease was competitive.

Dunc

Bob Jan 8th 2008 4:32 pm

Re: Bringing money into the US from UK
 
Welcome to BE :)

Have a search, plenty of threads on the subject, and in the wiki too. Most would recommend using XE.com

meauxna Jan 8th 2008 9:06 pm

Re: Bringing money into the US from UK
 

Originally Posted by duncs3 (Post 5755063)
I'm looking at buying a car here by using cash from my UK account (basically the proceeds from the sale of my car when leaving the UK) and before doing this I wondered if this would cause any issues, specifically with regard to taxation here when it comes to doing my tax return here in the US?

The money is not income, and there is no US tax on it just for bringing into the country.
Amounts $10K+ need to be declared to Customs, but if you have it wired, the bank or agency will do that.
They're raving on about XE.com around here as superior in all ways to banks etc.

Dan725 Jan 9th 2008 2:34 pm

Re: Bringing money into the US from UK
 

Originally Posted by meauxna (Post 5759981)
The money is not income, and there is no US tax on it just for bringing into the country.
Amounts $10K+ need to be declared to Customs, but if you have it wired, the bank or agency will do that.
They're raving on about XE.com around here as superior in all ways to banks etc.

Absolutely, on all points. Wired or EFT'd come to that. This seems to be the most oft asked question lately, seem to be answering it once a week on average.

duncs3 Jan 10th 2008 11:35 pm

Re: Bringing money into the US from UK
 
Thanks - managed to speak with the tax consultation (provided with the move) and they confirmed what you guys said

thanks again!


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