BigT103

Guys,

My UK house has sold recently and soon will be in a position to transfer the funds to the US.

However, as I don't have a US bank account, if I transfer the money into my wife's account will we be charged tax?

Thanks
T

MidAtlantic

No, you can transfer it to your wife's account and there will be no tax. Check with your bank's "dealing desk" as well as money exchange companies to get the best deal. It's best for your wife to inform her bank when the transfer is imminent. Here's a list:

https://moneytransfercomparison.com/

BigT103

That's great MidAtlantic, would we need to let her bank know in advance and prove where the money came from?

MidAtlantic

Yes, tell them in advance and just say that it is from your UK house sale. If the need anything else they will ask you. Keep records of your house sale so that you can prove that that is the source. It's all about money laundering prevention!

durham_lad

+1

On our big transfer to the solicitor while buying a house a year they asked us to provide proof as to where the funds came from and a scanned image emailed in was sufficient.

lansbury

Some of the money transfer companies will only do so to an account which is in your name, or yours and a joint account holder.

Cook_County

If you will owe tax in the States on any gain or foreign currency gain on repaying a mortgage; you'll have to remember to save some of the money to pay to the IRS...

MidAtlantic

Are you sure? I think it is the other way around. They will only receive funds from the registered account holder, or a joint account, but will pay out to anyone.

deanpegal

No, you will not be charged any tax because of that

tom169

Correct - i've sent money to my sibling using Transferwise.

chawkins99

#metoo

durham_lad

Sane here, to my sister in England and to my brother in Australia.

Prior to Transferwise I've used XE.com to send euros to a person in Ireland whose house we were renting for a vacation. I remember them providing the IBAN number of their account.