Hello
Guest

Sponsored Links


Topic: fincen?  (Read 529 times)

0 Members and 1 Guest are viewing this topic.

  • *
  • Posts: 38

  • Liked: 2
  • Joined: Apr 2016
fincen?
« on: December 03, 2022, 12:13:50 AM »
If you live in the UK and you sold your property back in USA and transfer part of that money to the UK so you can spend on building works etc, do you still have to report what you transferred to Fincen?


  • *
  • Posts: 17751

  • Liked: 6110
  • Joined: Sep 2010
Re: fincen?
« Reply #1 on: December 03, 2022, 05:13:40 AM »
If you live in the UK and you sold your property back in USA and transfer part of that money to the UK so you can spend on building works etc, do you still have to report what you transferred to Fincen?

Yes, if it takes the combined maximum amount in your foreign accounts over $10,000, then you have to report.


  • *
  • Posts: 2603

  • Liked: 102
  • Joined: Dec 2005
Re: fincen?
« Reply #2 on: December 03, 2022, 10:43:26 AM »
An FBAR reports all non-US bank and financial accounts once the threshold is reached.  Will you owe UK tax on the gain on the sale of the property?


  • *
  • Posts: 3902

  • Liked: 716
  • Joined: Nov 2012
  • Location: Eee, bah gum.
Re: fincen?
« Reply #3 on: December 03, 2022, 12:46:38 PM »
Yes on the Fincen report and for us, with the sale of the house and transfer of money we also exceeded the FATCA limits and had to file form 8938(?) that year as well with our IRS return.

Dual USC/UKC living in the UK since May 2016


Sponsored Links





 

coloured_drab