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Topic: fincen?  (Read 1327 times)

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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?
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Re: fincen?
« Reply #1 on: December 03, 2022, 05:13:40 AM »
Quote from: travellerk 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?

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

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