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Topic: Money x-fer tax?  (Read 1353 times)

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Money x-fer tax?
« on: April 28, 2004, 02:11:19 PM »
I was reading something on another thread that prompted a thought. How much money can we transfer from our UK bank account to our US bank account before we have to pay tax on it ??? I know that if it is 10K there is a form that the US bank will have to fill out – but do you know anything about paying tax or notifying the IRS?


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Re: Money x-fer tax?
« Reply #1 on: April 28, 2004, 02:40:23 PM »
How do you mean?  If the money you're transferring to the US is from wages, etc., you've already paid tax on it in the UK (and won't have to pay tax on it unless you earn more than the $80,000 stipulated by the IRS).  The $10,000 limit tholian mentioned in the other thread is just a rule instituted so that illegal money transfers/laundering/tax evasion can be caught quickly in the US...it's not a big deal and simply means that whoever handles the transfer in the US (bank teller or branch manager) has to fill out a form which is forwarded on to the government.


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Re: Money x-fer tax?
« Reply #2 on: April 28, 2004, 08:46:38 PM »
Yup - I know about the 10K rule - been in banking for longer than I care to remember and have had those forms filled out for customers tons of times.
The money is a mix of wages and home profits and will exceed 80K. I guess it doesn't matter - the money can't stay here when we are there so if we have to pay - so be it!  :)


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Re: Money x-fer tax?
« Reply #3 on: April 29, 2004, 02:12:14 AM »
Just had a thought--is what I'm planning legal?  I have been withdrawing pounds by ATM from my US account and figured I'd just keep doing it when I move over.  I'll be selling my condo, so I'll have more than $100,000 in my account when I move.  I was planning to make withdrawals frequently to transfer enough to make a down payment on a flat.  I can get about 150 quid a day ($300 max.), so it will take me quite a while to get $10k.  Is a slow bleed OK rather than $9,900 each trip across?
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Re: Money x-fer tax?
« Reply #4 on: April 29, 2004, 08:03:25 AM »
I left my US bank account open and had my parents added to the account. When I needed a *real* chunk of change- they would just wire it from my US account to my UK account. A few times it was over 10K and no forms were filled out here in the UK.
Wonder if you could do the same to avoid spending so much time at the cash machine  ;D ;D


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