US to UK Tax Advisors & Sell Rent House
Oct 9th 2023, 11:48 am
#1
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Joined: Sep 2012
Location: USA
Posts: 37
US to UK Tax Advisors & Sell Rent House
Dear All,
Wishing everyone here great health, wealth, happiness. So I am a UK-US dual citizen looking at moving from the US to the UK. I am old enough that I do not want to move without a job and have been poor enough that I am quite cautious in my approach given that I am OK financially just now.
__ Few years left to finish buying my home in the US -- I rent out a studio apt underneath it
__ Own another house in the US that I rent out
__ 1/3 share of proceeds of sale of a house in the UK when my dear mum passes, which will not be long now -- considering buying my siblings out and possibly renting it out until I can move into it
I am absolutely overwhelmed with trying to work out what makes sense to do.
__ Is it more cost-effective to sell the US houses before or after moving?
__ What are the tax implications of renting out the US houses while living in the UK?
__ What are the tax implications of renting out the UK house while living the US?
Of course, I will have to sell at least one house in the US in order to purchase in the UK .... Can anyone shed any light? I do not want to be foolish with this decision-making. Can anyone recommend a financial advisor who can help me understand the situation and figure it out?
THANK YOU FOR ANY INSIGHT!
Wishing everyone here great health, wealth, happiness. So I am a UK-US dual citizen looking at moving from the US to the UK. I am old enough that I do not want to move without a job and have been poor enough that I am quite cautious in my approach given that I am OK financially just now.
__ Few years left to finish buying my home in the US -- I rent out a studio apt underneath it
__ Own another house in the US that I rent out
__ 1/3 share of proceeds of sale of a house in the UK when my dear mum passes, which will not be long now -- considering buying my siblings out and possibly renting it out until I can move into it
I am absolutely overwhelmed with trying to work out what makes sense to do.
__ Is it more cost-effective to sell the US houses before or after moving?
__ What are the tax implications of renting out the US houses while living in the UK?
__ What are the tax implications of renting out the UK house while living the US?
Of course, I will have to sell at least one house in the US in order to purchase in the UK .... Can anyone shed any light? I do not want to be foolish with this decision-making. Can anyone recommend a financial advisor who can help me understand the situation and figure it out?
THANK YOU FOR ANY INSIGHT!
