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Should i attempt tax return myself? USA/UK joint
I'm looking for someone who has perhaps been in a similar place as myself and asking if you did your return yourself or payed someone. Also if you did pay someone could you recommend anyone please. My specific situation is below:
- Need to file taxes in 2019 for the 2018 year where i was in USA earning dollars until August and in UK earning pounds from August to end of year. - I sold my house in USA before moving home, tax is due on this i believe I don't believe its overly complicated - i was quoted 1400 quid to do it which seems a lot to me |
Re: Should i attempt tax return myself? USA/UK joint
I will also be interested in this answer re taxes on the house. I thought I read on a website that if you sold your home prior to leaving the USA and had not been in the UK for more than ... (unsure of how long I would have to research again ) then you did not have to pay any taxes on the proceeds in the UK. Our home is selling on 12/28/18 and we hopefully will be lucky and get a positive decision on my husbands spousal visa in January 2019. |
Re: Should i attempt tax return myself? USA/UK joint
Originally Posted by Sammy2018
(Post 12607300)
I will also be interested in this answer re taxes on the house. I thought I read on a website that if you sold your home prior to leaving the USA and had not been in the UK for more than ... (unsure of how long I would have to research again ) then you did not have to pay any taxes on the proceeds in the UK. Our home is selling on 12/28/18 and we hopefully will be lucky and get a positive decision on my husbands spousal visa in January 2019. |
Re: Should i attempt tax return myself? USA/UK joint
Originally Posted by movingtolakes
(Post 12607223)
I'm looking for someone who has perhaps been in a similar place as myself and asking if you did your return yourself or payed someone. Also if you did pay someone could you recommend anyone please. My specific situation is below:
- Need to file taxes in 2019 for the 2018 year where i was in USA earning dollars until August and in UK earning pounds from August to end of year. - I sold my house in USA before moving home, tax is due on this i believe I don't believe its overly complicated - i was quoted 1400 quid to do it which seems a lot to me Assuming that the US house was your only house, and residence, and you sold it before moving back to the UK then I don't believe you have any taxes to pay in the UK. In the USA there is a generous tax free allowance on the sale of your house provided that you meet the criteria of living in it for a couple of years. TurboTax also deals well with house sales as we did sell our main home while living in the USA and reported it on our US tax return. https://www.forbes.com/sites/ashleae.../#73fa45a86938 Imagine making $250,000 and not having to pay taxes on it. That’s the generous tax break –the home sale exclusion -- homeowners are entitled to when they sell their primary residence for a gain after having lived in the home for at least two of the five years immediately preceding the sale. Couples can shelter $500,000. But there’s a way to shelter even more—if you keep good records of home improvement projects which add to your house’s cost basis. |
Re: Should i attempt tax return myself? USA/UK joint
Originally Posted by durham_lad
(Post 12607324)
Our son didn't have any house sale but was in a similar situation in 2017 when he worked in the USA until September and then moved to England and worked for the last 3 months of 2017. After the move his only UK income was earnings and he had no US income so when he filed his US taxes for 2017 he simply excluded his UK earnings using the FEIE form 2555. He used TurboTax to file his US taxes.
Assuming that the US house was your only house, and residence, and you sold it before moving back to the UK then I don't believe you have any taxes to pay in the UK. In the USA there is a generous tax free allowance on the sale of your house provided that you meet the criteria of living in it for a couple of years. TurboTax also deals well with house sales as we did sell our main home while living in the USA and reported it on our US tax return. https://www.forbes.com/sites/ashleae.../#73fa45a86938 |
Re: Should i attempt tax return myself? USA/UK joint
https://m.taxesforexpats.com/uk/guide this is the link that I reviewed re house and reporting of capital gain. seems like a good link and seems to have lots of info not just on the house. |
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