ian-mstm

To clarify, the relationship to which I referred is the relationship between you being called for an interview after 6 months and the peace of mind you'll have before then. Your premise is faulty, therefore your conclusion is faulty. Between those two things, you created some sort of relationship that doesn't actually exist.


Good for you! However, from a US immigration POV, it doesn't much matter how long you two have been together.


Yah... and I knew that because... why? You said so? Umm... no, you didn't. A lot of us here are very good... but none of us are mindreaders! People here volunteer their time to help - if that's not good enough for you, that's your problem - not ours.


No worries - I get that a lot. If you prefer Rene's "feel good" posts to my more direct, albeit truthful, posts... then so be it.

Ian

rpjs

It will be from when you become tax resident in the US. For most people doing K-1 or spousal visas that will be from the day you arrive, but if you end up going back to the UK for a while to wrap up your affairs, it is possible that you may not be in the US enough in that tax year to be tax resident. Having said that, once you become a US Permanent Resident (i.e. have your Green Card) you are expected to maintain your normal residence in the US and file taxes.

Once you marry your fiancee you will be required to file your US taxes for the tax year (Jan-Dec) as "Married" and if you file as "Married filing jointly" with your wife, which is the most advantageous status for most married couples, you will have a a combined allowance of $500,000 in capital gains for that year before you are required to pay capital gains tax.

So, IF the price you sell your house for MINUS the price you paid for it originally MINUS any expenses occurred in selling it (solicitors fees and estate agent's commission) comes to more than $500,000 you will have to pay capital gains tax. However you will ONLY pay tax on the amount you make over $500,000.

Bottom line, when you do your first year's taxes it'd probably be sensible to get a tax accountant to do it for you, preferably one versed in tax for ex-pats.

cliff1961

Dear RPJS,

I would like to thank you for the information that you forwarded which is of great help. Went to see a tax specialist this morning and they stated exactly the same only the allowance i was told was $250,000.
Regardless i will not be over the limit of $200,000 so this give me peace of mind.

Thanks once again for the information and hope it will be of some help to others in the future,


Cliff

rpjs

That's right, you as an individual get a $250,000 exemption but so does your wife (to be). When you come to file taxes, if you both file together ad "married filing jointly" you are allowed to combine those allowances for a total of $500,000, should it turn out you need to.

cliff1961

Hi Roy,

Many thanks once again for the information which was presented quite specific and clear.
I did a little more searching last night and you are right No tax to be paid is profits do not exceed.

Single person $250 000
Married couple $500,000

Roy another God Send to the site

S Folinsky

Rene:

Ian is a self-described "sanctimonious prick." I would say that is different than "sarcastic."

Folinskyinla was at times quite sarcastic if I do say so myself. S Folinsky tries to avoid the urge.