Emigating-Selling UK home and buying US one
Mar 11th 2006, 4:23 pm
#1
Just Joined
Thread Starter
Joined: Nov 2005
Posts: 20
Emigrating-Selling UK home and buying US one
Can anyone advise us please:
Have you sold your UK home and purchased one in the USA? Are there any hidden expenses or taxes to pay in either Country?
Any help would be appreciated.
Jamarick
Have you sold your UK home and purchased one in the USA? Are there any hidden expenses or taxes to pay in either Country?
Any help would be appreciated.
Jamarick
Last edited by jamarick; Mar 11th 2006 at 4:31 pm. Reason: mis spelling
Mar 11th 2006, 4:32 pm
#2
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,172
Re: Emigating-Selling UK home and buying US one
tax issues,w ell that depends on if you have PR status in the US or not etc, etc, and also where your buying in the US...but there's been a few threads that you can search through to get some ideas until someone else cna chirp in...
and there's not a bad little bit of finance info in the faq....
and there's not a bad little bit of finance info in the faq....
Mar 18th 2006, 5:12 am
#3
Essex boy in Texas
Joined: Feb 2006
Location: Wylie, TX, USA
Posts: 99
Re: Emigating-Selling UK home and buying US one
I sold my house in the Uk after getting my us visa, i put the money in the bank, transferred it to an american account my wife had, moved to America, spent the money!
No tax.
No tax.
Mar 18th 2006, 6:52 am
#4
Account Closed
Joined: Aug 2004
Posts: 22,220
Re: Emigating-Selling UK home and buying US one
Originally Posted by Thackattack
I sold my house in the Uk after getting my us visa, i put the money in the bank, transferred it to an american account my wife had, moved to America, spent the money!
No tax.
No tax.
Mar 18th 2006, 12:22 pm
#5
Gone but not forgotten. RIP
Joined: Apr 2001
Posts: 1,570
Re: Emigating-Selling UK home and buying US one
Originally Posted by rushman
Hope you transferred it in increments of less than $9,999.
The Banks (and car dealers) have to report cash amounts incrementing to over $9,999 for one customer in one 12 month period.
Mar 18th 2006, 2:13 pm
#6
Arrogant ****
Joined: Jan 2004
Location: Plano, TX
Posts: 4,323
Re: Emigating-Selling UK home and buying US one
Originally Posted by rushman
Hope you transferred it in increments of less than $9,999.
Mar 18th 2006, 3:21 pm
#7
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,037
Re: Emigating-Selling UK home and buying US one
Originally Posted by TRPardoe
and that's per year!
The Banks (and car dealers) have to report cash amounts incrementing to over $9,999 for one customer in one 12 month period.
The Banks (and car dealers) have to report cash amounts incrementing to over $9,999 for one customer in one 12 month period.
Last edited by Jerseygirl; Mar 18th 2006 at 3:24 pm.
Mar 18th 2006, 3:49 pm
#8
Septicity
Joined: May 2004
Posts: 23,762
Re: Emigating-Selling UK home and buying US one
Originally Posted by Jerseygirl
I thought the banks had to notify the IRS every time $10K or more is paid in or out of your bank account, nothing to do with a 12 month period. That's the notice I get from my bank. Thinking about it, maybe the 'out of' bit is when funds are moved overseas.
Mar 18th 2006, 3:58 pm
#9
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Joined: Dec 2005
Posts: 88,037
Re: Emigating-Selling UK home and buying US one
Originally Posted by fatbrit
Thank you. More or less what I thought. Do you have any legal knowledge of the banking system here?
Mar 18th 2006, 3:59 pm
#10
Septicity
Joined: May 2004
Posts: 23,762
Re: Emigating-Selling UK home and buying US one
Originally Posted by Jerseygirl
Thank you. More or less what I thought. Do you have any legal knowledge of the banking system here?
Mar 18th 2006, 4:01 pm
#11
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,037
Re: Emigating-Selling UK home and buying US one
Originally Posted by fatbrit
Picked up bits and bobs along the way, like you do...
Mar 18th 2006, 4:06 pm
#12
Septicity
Joined: May 2004
Posts: 23,762
Re: Emigating-Selling UK home and buying US one
Originally Posted by Jerseygirl
May I PM you with a question?
Mar 18th 2006, 4:09 pm
#13
Gone but not forgotten. RIP
Joined: Apr 2001
Posts: 1,570
Re: Emigating-Selling UK home and buying US one
Originally Posted by Jerseygirl
I thought the banks had to notify the IRS every time $10K or more is paid in or out of your bank account, nothing to do with a 12 month period. That's the notice I get from my bank. Thinking about it, maybe the 'out of' bit is when funds are moved overseas.
We have been told, chapter and verse, at work that if we know that a customer has given us cash accumulating to $10,000 or more in any one year that we have to make sure that management is aware of it.
Mar 18th 2006, 4:10 pm
#14
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Joined: Dec 2005
Posts: 88,037
Re: Emigating-Selling UK home and buying US one
Originally Posted by TRPardoe
We have been told, chapter and verse, at work that if we know that a customer has given us cash accumulating to $10,000 or more in any one year that we have to make sure that management is aware of it.
Read Fatbrits link.
Mar 18th 2006, 4:16 pm
#15
Septicity
Joined: May 2004
Posts: 23,762
Re: Emigating-Selling UK home and buying US one
Originally Posted by TRPardoe
We have been told, chapter and verse, at work that if we know that a customer has given us cash accumulating to $10,000 or more in any one year that we have to make sure that management is aware of it.
Risk management performing CYA.
Google SAR reporting requirments if you're very bored.