Bringing money into the US from UK
#1
Just Joined
Thread Starter
Joined: Jan 2008
Location: Long Island, NY
Posts: 4
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
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
#2
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
Have a search, plenty of threads on the subject, and in the wiki too. Most would recommend using XE.com
#3
Re: Bringing money into the US from 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?
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.
#4
Re: Bringing money into the US from UK
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.
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.
#5
Just Joined
Thread Starter
Joined: Jan 2008
Location: Long Island, NY
Posts: 4
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!
thanks again!