Jump to content
royallcannon

UK to USA

By royallcannon in Tax & Finances During US Immigration

 Share

8 posts in this topic

Recommended Posts

royallcannon Rookie

royallcannon   0

Posted
Filed: K-1 Visa Country: England
 Timeline
Posted

Hey friends. Question about transferring/not transferring money from the UK.

My fiance and I would love to keep most of his money in his UK bank account in hopes the pound will recover more from brexit.

Is this an OK thing to do? Does anyone know? I suppose it's more of an IRS question but I can't seem to find any straight forward answers.

Link to comment
Share on other sites
Harpa Timsah Grand Master

Harpa Timsah   13,258

Posted
Filed: Lift. Cond. (apr) Country: Israel
 Timeline
Posted (edited)

Of course it's okay. What would the problem be?

Edited by Harpa Timsah

AOS for my husband
8/17/10: INTERVIEW DAY (day 123) APPROVED!!

ROC:
5/23/12: Sent out package
2/06/13: APPROVED!

Link to comment
Share on other sites
Mounat Explorer

Mounat   74

Posted
Filed: Citizen (apr) Country: Canada
 Timeline
Posted

Hey friends. Question about transferring/not transferring money from the UK.

My fiance and I would love to keep most of his money in his UK bank account in hopes the pound will recover more from brexit.

Is this an OK thing to do? Does anyone know? I suppose it's more of an IRS question but I can't seem to find any straight forward answers.

Your supposition is accurate. Once your fiancé is a US legal permanent resident, there may be tax consequences on worldwide income.

Link to comment
Share on other sites
JFH Grand Master

JFH   12,190

Posted
Filed: Citizen (apr) Country: United Kingdom
 Timeline
Posted

*~*~*moved from "AOS from family-based visas" to "taxes and finances"*~*~

Timeline in brief:

Married: September 27, 2014

I-130 filed: February 5, 2016

NOA1: February 8, 2016 Nebraska

NOA2: July 21, 2016

Interview: December 6, 2016 London

POE: December 19, 2016 Las Vegas

N-400 filed: September 30, 2019

Interview: March 22, 2021 Seattle

Oath: March 22, 2021 COVID-style same-day oath

 

Now a US citizen!

Link to comment
Share on other sites
Harpa Timsah Grand Master

Harpa Timsah   13,258

Posted
Filed: Lift. Cond. (apr) Country: Israel
 Timeline
Posted

Your supposition is accurate. Once your fiancé is a US legal permanent resident, there may be tax consequences on worldwide income.

Money in a bank is not income.

AOS for my husband
8/17/10: INTERVIEW DAY (day 123) APPROVED!!

ROC:
5/23/12: Sent out package
2/06/13: APPROVED!

Link to comment
Share on other sites
Mounat Explorer

Mounat   74

Posted
Filed: Citizen (apr) Country: Canada
 Timeline
Posted

Money in a bank is not income.

True, but interest or investment returns on that money is income. Even more, a foreign bank/investment account must be reported to the IRS even if it only has one drachma in it.

But that's a whole different discussion not related to OP's inquiry.

Link to comment
Share on other sites
Harpa Timsah Grand Master

Harpa Timsah   13,258

Posted
Filed: Lift. Cond. (apr) Country: Israel
 Timeline
Posted

True, but interest or investment returns on that money is income. Even more, a foreign bank/investment account must be reported to the IRS even if it only has one drachma in it.

But that's a whole different discussion not related to OP's inquiry.

Only bank accounts with lots of cash must be reported. I think the minimum is $10K USD. Not any account with one drachma.

This is all just spreading misinformation.

AOS for my husband
8/17/10: INTERVIEW DAY (day 123) APPROVED!!

ROC:
5/23/12: Sent out package
2/06/13: APPROVED!

Link to comment
Share on other sites
Mounat Explorer

Mounat   74

Posted
Filed: Citizen (apr) Country: Canada
 Timeline
Posted

Only bank accounts with lots of cash must be reported. I think the minimum is $10K USD. Not any account with one drachma.

This is all just spreading misinformation.

Misinformation, no. Inexact, yes. Unless, that is, the now defunct drachma is exchanging at 1 to $10,000 USD. In which case, it would be accurate.

Link to comment
Share on other sites
 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing
- Back to Top -

Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...