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B_2025
New Member

Relocating money overseas from UK

After years I have sold a property in UK, a few years after I am moving the money to the US, 100K at the time, when the exchange rate is favorable. Cannot find in Turbotax where I can report this movement (or gain based on the exchange rate).  Thank you

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1 Reply
pk
Level 15
Level 15

Relocating money overseas from UK

@B_2025 

Should we assume that you are US person ( citizen/GreenCard/Resident for tax purposes )?  

How about your filing status -- Single / MFS/MFJ/HoH ?

The property that you sold -- was that you main residence while you were in the UK ?  When did you sell ?  When did you become a US person ?    How did you recognize the sale of the property  in the tax year ( US tax year )?  Did UK tax you on gain of the property ?  Did you claim Foreign Tax credit ?

Did you report  FBAR / FATCA on the monies from the sale  and held in the UK account that you own/operate ?

Generally,  while exchange based losses are not recognized, gains may be  taxable , depending on exact facts and circumstances.  

 

I will circle back once I hear from you with the answers  ( so I have an understanding of the situation/ antecedents etc. ).

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