0

I live and work in the US. I am a resident in the US for tax purposes, but am not a permanent legal resident (H1-B visa). I am originally from the UK and have some financial responsibilities there which require me to send money to my account there, although I am not a resident there. Is the amount I send myself taxable, either in the UK or in the US? I typically send around $5000 a year to the account. I wonder if this case is different from other questions as I am not gifting it to anyone, but sending it to myself.

Improve this question
4
  • 1
    Since it sounds like you've been making these transfers for a few years, I would consult a professional tax advisor, because if you do owe any taxes, you are late paying them.
    – chepner
    Jan 13, 2022 at 16:20
  • This is definitely not taxable in the US. I'd be surprised if it was taxable in the UK as my (very limited) understanding of UK taxation is that its based on income earned in the UK.
    – FrankRizzo
    Jan 13, 2022 at 17:17
  • 1
    Are you asking about additional tax over and above what you have paid on your $5000 earnings? Because you don't get to reduce your tax payable because you have sent some of your income abroad.
    – DJClayworth
    Jan 13, 2022 at 21:03
  • No. I have paid tax on it already, it's what is in my account. I want to send some to my other (foreign) account. I know there are issues when sending money to someone (gift tax) but I was curious if this also applied to oneself?
    – GeoMonkey
    Jan 13, 2022 at 21:34

2 Answers 2

Reset to default
5

No, it is not. There's no tax on transferring your own money between your own accounts in the US, and to the best of my knowledge in the UK neither.

You do need to be aware of the reporting requirements though (In the US: forms 114 and 8938).

Improve this answer
1
  • Thanks, I'm asked about both of these things when I complete my taxes with Turbo Tax, so my presumption is that this is declared
    – GeoMonkey
    Jan 13, 2022 at 19:18
0

Moving your own money from your left pocket to your right pocket is not taxable; be it literally or symbolically.

If you move it internationally, each country could have reporting requirements, and could get interested in the legality of the money’s source - but not for tax reasons.

Improve this answer

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .