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Search: Posts Made By: jimakos
Showing results 1 to 25 of 29
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Forum: USA
Oct 7th 2016, 10:44 pm
Replies: 58
Views: 5,892
Posted By jimakos

Re: Brexit, pounds and savings

Aha true, but exchange rate moves 1-3% either way, not 18%
Forum: USA
Oct 7th 2016, 8:08 pm
Replies: 58
Views: 5,892
Posted By jimakos

Re: Brexit, pounds and savings

In a similar boat here. I just sold my flat in London, hoping to buy in the US soon.
Completed pre-brexit vote but exchanged after.
I was hoping for a rate circa 1.46 to even consider transferring...
Forum: USA
Apr 20th 2016, 3:27 pm
Replies: 4
Views: 1,380
Posted By jimakos

Re: HMRC - 2 Step verification

Just spoke to HMRC and they said they are aware and working on a fix as a matter of urgency. Seems we can skip the 2-step for now though (i never activated it).
Forum: USA
Apr 20th 2016, 2:23 pm
Replies: 4
Views: 1,380
Posted By jimakos

HMRC - 2 Step verification

Does anyone have any issues receiving SMS messages from HMRC on their US phone number?
Access codes don't seem to come through... I wonder if AT&T are blocking them for some odd reason.
Forum: USA
Feb 5th 2016, 9:00 pm
Replies: 7
Views: 1,241
Posted By jimakos

Re: Selling property in UK - Capital Gains in USA?

This is what the HMRC directed me to.
https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-calculating-taxable-gain-or-loss

I was referring to Rebasing on April 2015. There is a...
Forum: USA
Feb 5th 2016, 8:40 pm
Replies: 7
Views: 1,241
Posted By jimakos

Re: Selling property in UK - Capital Gains in USA?

Agreed. I did some research on this myself (and called HMRC).
- No CGT prior to April 2015. It is up to the filer to determine how to calculate the taxes.
a) Either figure out value of property...
Forum: USA
Feb 4th 2016, 4:56 pm
Replies: 7
Views: 1,241
Posted By jimakos

Re: Selling property in UK - Capital Gains in USA?

Are you sure its from April 2015? I think you might have to declare the sale within 30 days and pay taxes owed upfront.
Forum: USA
Feb 1st 2016, 7:22 pm
Replies: 7
Views: 5,654
Posted By jimakos

Re: Moving from UK to US - Tax Liability on House

Visa has nothing to do with it.

It all depends when you enter the US, and whether you will be considered a full US tax resident when you sell.

If you are present in the US above a certain...
Forum: USA
Jan 31st 2016, 10:09 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

I was referring to my income and not anything from the sale. I believe all the "horror" stories i heard form colleagues only had an FX gain on the mortgage disposal, no other additional taxes but I...
Forum: USA
Jan 31st 2016, 8:17 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

Well if 250k is the threshold then i'll be impacted. But it was not an investment. It was my main home.
If it was considered an investment then wont the other QBU factors count? (Using a non...
Forum: USA
Jan 31st 2016, 5:20 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

All your methods seem solid. As you said it seems its up to me to choose MV1 or MV2 to start which makes a massive difference.

You got me worried with NIIT, but it seems from a quick googling that...
Forum: USA
Jan 30th 2016, 10:40 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

So back to either option #2 (simplest) or #3 which might save some pennies. Ill decide i guess when i do next year's taxes after the sale.

I still think I should continue to look for any...
Forum: USA
Jan 30th 2016, 10:04 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

So i can use the rate but not the amount from the remortgage/refinance date?
Forum: USA
Jan 30th 2016, 9:56 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

So i think we are on the same page.
I think you described my #3 option which i believe is the most beneficial for me too, taking into account FX luck
Forum: USA
Jan 30th 2016, 5:30 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

Yes I was claiming that, and that would be added back at a different tax rate I believe
Forum: USA
Jan 30th 2016, 4:01 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

Ye, i am was ignoring the $200 (i was just checking if i actually went over in any payment).
Also i am not sure about the calculations starting from when I started being a US Tax resident.

So...
Forum: USA
Jan 29th 2016, 10:42 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

I think I might end up doing that. Doing individual deductions (none make a $200 gain) currently save around $1k on reportable income. By the time i sell it would probably be more.

Not taking any...
Forum: USA
Jan 29th 2016, 6:48 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

If those are considered FX trades, wont they only be relevant if a gain of more than 200 is made? This is so confusing...

What stops me from overpaying everyday until i pay off the mortgage,...
Forum: USA
Jan 29th 2016, 5:49 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

Good reasoning. Now the real question is how/where is it reported and how to get an accurate calculation.
There are alot of people here that say they had to pay but none say how it was calculated in...
Forum: USA
Jan 29th 2016, 4:29 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

I've read that over and over :(.
Still not sure how its reported, how capital payments are calculated, what constitutes a mortgage refinance (e.g if i changed my terms (new rate) paid a fee but kept...
Forum: USA
Jan 29th 2016, 2:54 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

I called a few "International/Expat Tax experts" today and none of them knew about mortgage/loan forex gains. They also said why would I even report such a thing.

I find it terrible that I would...
Forum: USA
Jan 28th 2016, 7:25 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

Does anyone have any other advice regarding the Forex Gain on the Loan?
I still need to figure out how its calculated, (how to factor in capital repayments) and how it is reported.

I inquired...
Forum: USA
Jan 27th 2016, 10:19 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

Ye just got to that too!
Thats pretty good, which actually matches up to the US CGT relief period for me (2 out of 5 years).

Now if I can find a good accountant to manage my US obligations (and...
Forum: USA
Jan 27th 2016, 10:02 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

Yes I was transferred by my employer.
Is there any official HMRC documentation about any of this?
Forum: USA
Jan 27th 2016, 9:52 pm
Replies: 48
Views: 8,319
Posted By jimakos

Re: About to sell UK home

Yes it was my primary (and only) home from April 2011 to Oct 2013.
After that it was rented to family and I've been renting in the US.

How does HMRC view that? I still have no UK CGT obligations?...
Showing results 1 to 25 of 29
 
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