turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Transferring life savings in GBP to US

I moved to the US in 2018, and last year I moved my life savings (acquired slowly over decades when I was not US tax resident) over to a US bank from my UK bank's savings account, and the transfer service I used converted GBP to USD.

 

The questions I have are:

1. Is this a taxable event

2. If it is, what would be the cost basis?

    - would it be the value in USD of the GBP when I received it. This is impossible to know, so would I have to make a reasonable estimate, for example by averaging the annual average exchange rates for all the years over my working life

    - would it be the value in USD of the GBP (spot rate) on the date I became tax resident in the US

    - would it be the value in USD of the GBP calculated using the average annual exchange rate I used to report the value of of my assets on my 2017 tax return (for consistency).

3. If it is, are the losses and gains just vanilla capital losses/gains, or something special

4. If it is how do I report it in TurboTax?  Which forms will get modified?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
AmyC
Expert Alumni

Transferring life savings in GBP to US

1. No, moving money is not taxable when it is from one account to another of yours.

2. Nothing else to do 🙂

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
AmyC
Expert Alumni

Transferring life savings in GBP to US

1. No, moving money is not taxable when it is from one account to another of yours.

2. Nothing else to do 🙂

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies