@flyoverfred wrote:
Hi Opus
Many thanks for the response, immediate question if I may - you mentioned 10k worth of deposits in a year, I'm pretty sure we didn't reach that amount in the rent we took in - does that make any difference ?
thanks
So I was slightly confused, there are two reports with different thresholds, FACTA and FBAR. You can read more here.
https://www.irs.gov/businesses/corporations/fatca-information-for-individuals
Here is a "simple" chart.
https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
You must file the FBAR if at any time during the year, your foreign (UK) bank accounts went over $10,000 balance (combined all foreign accounts). If you moved money in and out, but the balance was never more than $10,000, you don't have to file the FBAR.
I was basically assuming the sales proceeds would be deposited in a UK account and then transferred to a US account, which would put you over the limit for a few days at least.
