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About Glenn D Schnabel
Expertise
I can answer most federal individual income tax questions. I can not provide legal advise.

Experience
I have worked for a CPA firm for over 11 years. I have worked in private as well as government I have recently been running a tax preparation office, mainly focusing on individual income taxes

Organizations
I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.

Education/Credentials
I have my B.S.B.A in Business Administration . Concentration in Accounting I have gone to yearly tax seminars and have tried to keep up with the evolving tax changes

Awards and Honors
Over my years I have received local awards for contributions to worthy organizations.

Past/Present Clients
This, of course remains confidential

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Transferring funds from the UK to the USA

Topic: Tax Law (Questions About Taxes)

Expert: Glenn D Schnabel
Date: 9/6/2008
Subject: Transferring funds from the UK to the USA

Question
I am an American citizen resident in the UK for the last 30 years. I want to return to the States in the next year. I would like to buy an apartment in NY by raising a mortgage against my house in London and then using this UK mortgage to fund the purchase.This would require a transfer of funds from the UK to the USA.
Will I encounter any difficulties or particular tax liabilities if I do this?The amount I will be transferring would be about $150,000.

Thanks in advance for any help with this question

Answer
Allan,

Thank you for your question.

1)Will I encounter any difficulties or particular tax liabilities if I do this?The amount I will be transferring would be about $150,000.

I do not think so. All you are doing is borrowing off the equity in a
home you own in London to purchase an apartment in NY. Just leave a good trail.

Hope this is helpful.

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