Taxtion On Personal Money?

[JaEnglishGirl 34]

Does anyone know what the limit is?

If I brought £15,000 with me to the states, would I be liable for taxation on it?

[Lansbury 19]

If you just bring it in with you when you come no. We transferred over a lot more than that last year and no US tax was due as it was money earned in the UK and UK tax paid before we moved.

If you are bring $15000 cash, not a wise move, or in some way bring the money yourself you will have to declare it to US customs but there is no tax or anything to pay on it.

If you do a wire transfer the bank takes care of the paperwork and you don't need to declare it when you arrive.

Just as an aside if you take that much cash out of the UK and airport security find it they should call UK Customs and Special Branch to ascertain if the money has been legally obtained, all taxes have been paid on it and it isn't intended for illegal purposes.

[maria_n_john 0]

Does anyone know what the limit is?

If I brought £15,000 with me to the states, would I be liable for taxation on it?

I do not know what the limits are before you are required to declare (to U.S. Customs) the cash you are bringing in, but the Internal Revenue Service does not tax you on money you bring in to the country, no matter how much or little it is. The federal government (and some state and local governments) is interested, however, in the earnings on what you bring, and taxes you on those earnings.

[Lansbury 19]

Does anyone know what the limit is?

If I brought £15,000 with me to the states, would I be liable for taxation on it?

I do not know what the limits are before you are required to declare (to U.S. Customs) the cash you are bringing in,

$10,000 or over and it must be declared to customs

[Dr_LHA 3]

If you do a wire transfer the bank takes care of the paperwork and you don't need to declare it when you arrive.

This is absolutely the best option for bringing a large sum of money to the USA. The risk of taking cash with you on the airplane is too great and you will need to declare that amount to customs. Just keep it in the bank at home, then wire it over here when you have your bank account set up. Shouldn't be too hard.

[*julez* 124]

Does anyone know what the limit is?

If I brought £15,000 with me to the states, would I be liable for taxation on it?

I do not know what the limits are before you are required to declare (to U.S. Customs) the cash you are bringing in,

$10,000 or over and it must be declared to customs

Point of clarification:

Its actually over $10,000 currency that must be declared. $10,000 currency is not reportable. $10,000.01 is reportable.

I've actually read the Bank Secrecy Act! (I specialize in anit-money laundering investigations for my job)

[Captain Oates 911]

and don't use your bank to transfer the money - UK banks are rip off artists

use a specialist firm in London who will give you a much better rate with no charges

If you pay £4 it will guarantee no charges at the other end too

I used my halifax bank first time i they tore a big chunk off - then i used worldfirst in London - I have tried others but they are not as nice /more paperwork and charge the same when you actually do it - no matter what they say

just send an electronic transfer from your bank (like paying an elctricity bill) to the london forex specialists - its free and takes 3 days to get there - then the onward payment is same day to USA

they take 1.5 cents on the dollar different to london interbank rate but your bank will take much more

Look out for PEPS/ISA - IRS hate them and tax them at 100% so sell em now!

I had £100k profit on mine and could have received an IRS bill for all of that so i sold em - then the market fell 10% anyway so lucky boy eh ?