US tax on transfering GBP to US bank account?
Mar 12th 2022, 8:04 pm
#1
Forum Regular
Thread Starter
Joined: Apr 2005
Posts: 174
US tax on transfering GBP to US bank account?
Tax question Im sure many of you must have faced. My cash savings in GBP sitting in a UK bank account, if I turn them into USD and move there here, do I owe tax on them?
If yes, and presumably it would be capital gains, what would the gain be calculated on?
Note I only became a US resident a few weeks ago if that makes a difference. I was a UK resident before that.
If yes, and presumably it would be capital gains, what would the gain be calculated on?
Note I only became a US resident a few weeks ago if that makes a difference. I was a UK resident before that.
Mar 12th 2022, 8:36 pm
#2
BE Enthusiast
Joined: Feb 2015
Location: New Jersey, USA
Posts: 565
Re: US tax on transfering GBP to US bank account?
No, just moving cash from the UK isn't a taxable event.
Don't forget to report your accounts on FBAR and Form 8938 if you meet the thresholds when filing your 2022 taxes.
Don't forget to report your accounts on FBAR and Form 8938 if you meet the thresholds when filing your 2022 taxes.
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