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Been paying for my familys flight to the USA and they pay to my UK account

For the last 12 years I have been paying for my family to visit me in the USA, I pay out of my usa account and they replay me in Sterling in my account in the UK

Time has now come I want to bring this all back in to my usa account aprox 60K sterling 102K Usd

Can i wire this is in one lumpsum to send it over in two tranactions over a course of 2 years.

Would I have to pay any taxes on my transfer

Whats forms need to be compleated to make sure all is above board

Reply to
tynewood
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Have you been filing FATCA forms? There is a form called TDF 90-22.1 which you can see at

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You have to file this form every year if you have any foreign accounts worth more than $10,000. Assuming you reported everything, it's your money and you can bring it back without hassle. Just wire it in. You should also have reported the interest every year on your form

1040, Schedule B. You can use the average exchange rate for the year.

Starting for tax year 2012 there is a new form 8938 to be filed with your tax return where you list your bank accounts worth more than $50,000.

If you didn't report your foreign accounts there is a penalty worth up to 35% of the account value.

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remove ps

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