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Moving Large Funds From UK To USA

Moving Large Funds From UK To USA

Old Jan 22nd 2018, 5:15 am
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Default Moving Large Funds From UK To USA

I moved from England to Illinois back in June 2016 and married a US citizen in August 2016 using a K1 Visa. Since then ive bought a truck, got a job etc and am living quite happily as a green card holder.

Recently my wife's car has had many problems and we've finally bit the bullet and decided to buy a newer car, but to do this i need to transfer over $10,000 from my UK bank account to my US bank account.

The money is a mix of savings and inheritance from my grampa's passing a few years ago. We've read online that anything over $10,000 raises a flag to the IRS.

I definitely don't want to have to pay tax on this (as I've already paid it in England when I earned it) but i don't want to have any complications with transferring the money to my US bank account.

Whats the best way of doing it without having the funds frozen or it being considered suspicious? Do i need to let them know of my money thats in england when i do my tax return within the next few months?

I'm new to this forum so i hope I'm in the right place to ask!

Thank You!
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Old Jan 22nd 2018, 5:54 am
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Default Re: Moving Large Funds From UK To USA

You will not be taxed on money you transfer to the US. Your US bank will do all the necessary reporting on receipt of the money over $10K, so yes it is helpful to notify them the money is coming and how it you came by it. Having said that I have transferred more than $10K a few times without telling my bank, and it has never been a problem

I hope you have been reporting your UK bank account as required by the US https://www.irs.gov/businesses/small...-accounts-fbar

To transfer the money look at a commercial broker like transferwise.com or one of the others.

There are many threads on this forum about transferring money to the US.
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Old Jan 22nd 2018, 8:29 am
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Default Re: Moving Large Funds From UK To USA

What lansbury said ^
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Old Jan 22nd 2018, 11:30 am
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Default Re: Moving Large Funds From UK To USA

As others have said. Over $10k does not raise a red flag but does require bank reporting. There is no issue, just go ahead and enjoy your new car!
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Old Jan 22nd 2018, 4:40 pm
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Default Re: Moving Large Funds From UK To USA

When am I supposed to have reported that to the IRS? I’ve never heard anything of it, even when I was going through the visa process etc.
I didn’t file taxes last year as I was unable to work in the US and didn’t get a job until january 2017.

Can I submit the form now to let the irs know of the money in England’s without any problems? How do I go about it?

Thanks for the input!
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Old Jan 22nd 2018, 4:51 pm
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Default Re: Moving Large Funds From UK To USA

Originally Posted by Zeanonjenkins View Post
When am I supposed to have reported that to the IRS? I’ve never heard anything of it, even when I was going through the visa process etc.
I didn’t file taxes last year as I was unable to work in the US and didn’t get a job until january 2017.

Can I submit the form now to let the irs know of the money in England’s without any problems? How do I go about it?

Thanks for the input!
The "FBAR" report does not go to the IRS, it is a separate form which is filed on-line here:

https://bsaefiling.fincen.treas.gov/main.html

The filing for 2017 should be done by April 17, 2018.
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Old Jan 22nd 2018, 5:15 pm
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Default Re: Moving Large Funds From UK To USA

Originally Posted by MidAtlantic View Post
As others have said. Over $10k does not raise a red flag but does require bank reporting. There is no issue, just go ahead and enjoy your new car!
This! ..... Plus, färting around with your transfers to deliberately avoid the $10,000 reporting threshold will raise a red flag, that could lead to all manner of law enforce agencies digging into your background!

If the money was legally obtained and already taxed then you have nothing to worry about, but if you start behaving like you have something to hide then you may create problems for yourself. .... On that note, tell your bank before the money arrives that you will be receiving a wire/transfer of approximately $x,000 and tell them where it came from - such as sale of a vehicle, investments, house etc., and do your utmost to make sure that the bank notes it in your (electronic) customer file.
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