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FBAR and money transfers

FBAR and money transfers

Old Nov 30th 2015, 6:12 pm
  #1  
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Default FBAR and money transfers

Hi All

Hopefully you can help I am a resident here in the states on a green card for 2 and a half years.

I have never submitted an FBAR form because my uk account never exceeds $10k per year. If I read the requirements correctly I do not need to submit it that correct?

I have a uk account to pay my student loan and to pay some credit card debt I had when I left. I recently got hit with a huge dental bill and put it on my us credit card but am paying 20%! My uk credit card company are offering cash to debit account for 0% 18 months, I was considering doing this and transferring to the US (3k) but do I need to declare this on my tax return?

Thanks

J
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Old Nov 30th 2015, 6:55 pm
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Default Re: FBAR and money transfers

A transfer or debit (loan) balance does not need to be declared, but a dental bill might meet the definition of a medical bill and therefore be partially tax-deductible. IIRC medical expenses in excess of (I think) 7% ( or it might be 7.5% or 8%) of your adjusted income is deductible, and not just the major bill, because if this bill luts you over the threashold then any/all other medical expenses for the year are tax deductible (unless funded from a FSA or HSA).
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