capin

Hi all,

I am mulling over moving back to the UK in 2022.

I have a 401K with about $200000 in it and a house in the US with about $300000 in equity (The gain is is about $200,000)

If I sell the house, Can I send the money back to the UK free on US ( < $250000 gain and lived in for the past 2 years) and UK income tax (non resident) if I am still US resident Green card please? Should I wait until I give back the GC and have done my final return in the USA.

Very initial embryonic thoughts.

Thanks,




Thanks,

durham_lad

I would sell the house before moving back to the UK, because as a US resident any possible taxable event is only going to be with the IRS. Any profit from the sale can moved to the UK either before or after you move back.

The 401k is more complicated as you won’t be able to move it to the UK without it being a taxable event since no rollover to an equivalent UK pension fund is possible. I rolled my 401k to an IRA before moving back and did so to a brokerage that allows overseas customers. I now manage it from the UK. The year after I retired I started doing IRA to Roth conversions and had 6 years of doing this before moving back. My future Roth withdrawals will be tax free in both countries.