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SAVING MONEY IN THE USA

SAVING MONEY IN THE USA

Old Nov 9th 2017, 2:37 pm
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Default SAVING MONEY IN THE USA

Hello everyone,
We are preparing to move the the US when our green cards are approved - may be another year or so. I am wondering about the rules and obligations if we save money there in the meantime. Do we have to advise the US Revenue?
Where can we find the rules which apply?Is there a website anyone could refer us to? Thanks in advance.
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Old Nov 10th 2017, 6:19 am
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Default Re: SAVING MONEY IN THE USA

Where would the money come from?

One cannot obtain a green card from outside the USA. You would first need a visa. Do you know which visa you'll be getting?

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Old Nov 10th 2017, 7:33 am
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Default Re: SAVING MONEY IN THE USA

Thanks. The money would come from the sale of a house and savings. Just wondering if there is a need to report savings as we want to ensure that we don't neglect to do what is required of us regarding taxes etc..
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Old Nov 10th 2017, 10:22 am
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Default Re: SAVING MONEY IN THE USA

For USA taxes, your resource is www.irs.gov. in general, checking accounts are non- interest-bearing so not reported to IRS. Savings accounts usually earn some interest, so you will need a SSN to open one of these so the interest can be reported to IRS.

You didn't mention what visa you'll be getting.

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Old Nov 10th 2017, 11:38 am
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Default Re: SAVING MONEY IN THE USA

Originally Posted by NASOON View Post
Hello everyone,
We are preparing to move the the US when our green cards are approved - may be another year or so. I am wondering about the rules and obligations if we save money there in the meantime. Do we have to advise the US Revenue?
Where can we find the rules which apply?Is there a website anyone could refer us to? Thanks in advance.
You will be unable to open a savings account without a SSN and US address. Best to save it in a UK savings account and transfer it with a transfer specialist when you are here and have opened an account.
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