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    h060968's Avatar
    h060968 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Aug 1, 2007, 02:42 AM
    Wiring to US savings account
    Hi guys,

    Hopefully very easy question :)

    I have a savings account in the US, but live and earn in the UK. I would like to transfer my earnings (after UK tax) to my US account simply by wiring the money from my UK account, and take advantage of the dollar-pound exchange rate (hoping that the dollar becomes stronger in the future :)). Is this legal? I mean would I have to pay any additional US-based tax on this money?

    Thanks! :cool:
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 1, 2007, 12:26 PM
    Sure it's legal; it's done all the time.

    Now, if large amounts are transferred, you may have to explain to some at the Treasury Department from where did the money originate, but they usually do not get interested unless the amounts exceed $10,000.

    Now, will taxes be due? Only if interest earned exceeds about $8,000.
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