Expat Forum For People Moving Overseas And Living Abroad banner
1 - 7 of 7 Posts

·
Registered
Joined
·
21 Posts
Discussion Starter · #1 ·
Not sure this is the right forum for this question but here goes.

I'm moving to the US at the end of this month, my house will be sold but I'm not in a hurry to change my £ to $ because of the fluctuating conversation rate, which is currently going down, and the uncertainty of the housing market in the US for the next year - talk of potential double-dip depression & I would be using money to buy houses to rent since I'm semi-retired so need income.

Would value any ideas about best ways to invest money in UK so that I can transfer amounts as needed easily to US when time seems right & also get as much as possible in interest - I've seen my bank & consider their advice as to a 'premier' account to be far short of what I'd imagined I might be offered.

Also, do you think I am being too pessimistic about the US economy, all my friends are saying to transfer my £ to euros not $ but I'm going to be living there so eventually do intend to invest there. Is buying property to rent a good idea there, I did it here many years ago & it worked for me then.

I have also to consider the tax situation in the US, not sure whether getting interest in UK is better from that POV than having it in US.
Thanks :)
Chrissy
 

·
Registered
Joined
·
3,212 Posts
Where are you moving in the US?
 

·
Administrator
Joined
·
51,378 Posts
From a tax point of view, it doesn't really matter where your money is invested. Once you are resident in the US, you are taxed on your worldwide income. There are taxation treaties between the US and the UK to avoid double taxation, but this basically allows you to take a tax credit against US taxes due for any UK taxes you wind up paying on your investments. (Do check what your tax status will be for the UK before you move.)

You also will be required to report all overseas accounts (including investment accounts) once a year to the US Treasury department if the sum total of your accounts is greater than $10,000 at any point in the year.
Cheers,
Bev
 

·
Registered
Joined
·
21 Posts
Discussion Starter · #4 ·
Virginia, & I intend to read up on the tax sysytem when I get there, especially how it will affect income from buy to rent property.
 

·
Administrator
Joined
·
51,378 Posts
Virginia, & I intend to read up on the tax sysytem when I get there, especially how it will affect income from buy to rent property.
As far as Federal taxes go, the IRS website has all the information you could ever possibly need: Internal Revenue Service including both forms and publications on various topics (including, I'm sure, rental property).

Google "Virginia state taxes" or "Virginia state income taxes" to see what the state has online. Many states these days have all the publications available for download and you can often file taxes online. (You can file Federal taxes online, but it's kind of a racket because you have to go through one of the tax preparation software companies.)
Cheers,
Bev
 

·
Registered
Joined
·
21 Posts
Discussion Starter · #7 ·
As far as Federal taxes go, the IRS website has all the information you could ever possibly need: Internal Revenue Service including both forms and publications on various topics (including, I'm sure, rental property).

Google "Virginia state taxes" or "Virginia state income taxes" to see what the state has online. Many states these days have all the publications available for download and you can often file taxes online. (You can file Federal taxes online, but it's kind of a racket because you have to go through one of the tax preparation software companies.)
Cheers,
Bev
Thanks for the advice about filing the taxes online, I'd have probably thought it was an official way to do it. I'm not planning on buying anything for at least 6 months, so that'll give me time to read up on the info. Thank you, I've made a note of your advice.
:) Chrissy
 
1 - 7 of 7 Posts
Top