Overseas savings?

[Zcomuto 16]

Hi folks,

I'm currently waiting on a green card (Coming from a K-1 Visa, NPIW case) and I've got a question about tax.

I've got no overseas income, but I do still have overseas savings - it's sitting in an ISA (tax-free savings account) in the UK. Is there a threshold below which I don't have to declare to the IRS, or do I need to declare any overseas money?

Should I be expecting a tax bill simply for having the money or am I worrying about nothing?

[Merrytooth 5,748]

Read here and familiar yourself with FATCA and FBAR

http://www.irs.gov/Businesses/Comparison-of-Form-8938-and-FBAR-Requirements

[Nich-Nick 3,353]

Hi folks,

I'm currently waiting on a green card (Coming from a K-1 Visa, NPIW case) and I've got a question about tax.

I've got no overseas income, but I do still have overseas savings - it's sitting in an ISA (tax-free savings account) in the UK. Is there a threshold below which I don't have to declare to the IRS, or do I need to declare any overseas money?

Should I be expecting a tax bill simply for having the money or am I worrying about nothing?

The IRS doesn't tax you except on earnings. But the US treasury wants to know about your foreign account if it is over $10k. That's the FBAR aka FinCen.

[Zcomuto 16]

ok thanks, that's good to know!