My wife has an e-ISA in the UK, from her time living there. It is a savings ISA, not a shares ISA. It is earning very low interest. For ease, I'd like to transfer the money to our USA accounts so that (1) I can consolidate our savings, and (2) invest it with the rest of our portfolio (US-based).
Since the ISA are her savings, when I transfer it to the USA, will I have to pay any taxes or get any odd questions from the IRS? The amount is $50,000, but again, it's all from UK savings so I'm hoping/assuming I can transfer it in, declare it is savings, and pay no taxes.
I know that any interest/earnings after it hits the US will be taxable. My question, for the one-time $50,000 transfer (ISA savings to USA account), will I owe any US/IRS taxes? If so, I may just keep it in the UK.