UK to USA

[royallcannon 0]

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.

[Harpa Timsah 13,258]

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

Edited November 22, 2016 by Harpa Timsah

[Mounat 74]

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.

[JFH 12,190]

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

[Harpa Timsah 13,258]

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.

[Mounat 74]

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.

[Harpa Timsah 13,258]

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.

[Mounat 74]

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.