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Search: Posts Made By: Glasgow Girl
Showing results 1 to 25 of 874
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Forum: USA
Apr 22nd 2024, 9:47 pm
Replies: 17
Views: 1,106
Posted By Glasgow Girl

Re: Moving to US - rental property in UK

The amount of recaptured depreciation is what will be taxed at ordinary income rates capped at 25%, any reminaing gains will be taxed at normal capital gains rates.

Going back to the question as...
Forum: USA
Apr 19th 2024, 3:53 pm
Replies: 3
Views: 392
Posted By Glasgow Girl

Re: FinCEN Report 114 strange response

I submitted mid March and received the normal acknowledgment email a few days later (just once!). However in prior years I have always received a second email confirming filing and did not receive...
Forum: USA
Apr 15th 2024, 8:18 pm
Replies: 4
Views: 430
Posted By Glasgow Girl

Re: UK Pension Value on F8938

If it was me, for the 2023 tax return I would use the higher of the two values you have for 18 Jan 2023 and 2024 and use the exchange rate on 12/31/2023. If the aggregate value of all accounts is...
Forum: USA
Apr 15th 2024, 3:14 pm
Replies: 10
Views: 698
Posted By Glasgow Girl

Re: What to do with primary home before moving to US?

I rented out my UK home for about 8 years when I left. Used an agent who took about 15% and it was well worth it to be completely hands off. It’s definitely doable and many do so. I sold it remotely...
Forum: USA
Apr 15th 2024, 1:00 am
Replies: 3
Views: 407
Posted By Glasgow Girl

Re: Tax treatment of UK ISA

You don’t need a specialist service. The only difference between selling international stock versus domestic stock is converting the purchase and sales prices into US dollars which is easy enough to...
Forum: USA
Apr 13th 2024, 11:27 pm
Replies: 3
Views: 407
Posted By Glasgow Girl

Re: Tax treatment of UK ISA

The contents of the ISA are treated as if the ISA did not exist. Fortunately they are no PFICs involved.

1) Yes. (Had they been PFICs then you could only offset the losses against prior PFIC gains...
Forum: USA
Apr 12th 2024, 11:36 pm
Replies: 6
Views: 513
Posted By Glasgow Girl

Re: Form 8606 - Part 1 missing

Form 8606 records your non deductible IRA contributions so that you don’t pay tax on that amount when you eventually take a distribution. Not filing the form will result in the non recorded...
Forum: USA
Apr 12th 2024, 7:14 pm
Replies: 42
Views: 2,088
Posted By Glasgow Girl

Re: Moving to Orange County from London

Back to budgeting. Car insurance will be a lot higher than you are used to in the UK, I would plan on $200-$250 per month but obviously varies a lot depending upon circumstances. Dental costs can be...
Forum: USA
Apr 11th 2024, 5:03 pm
Replies: 10
Views: 698
Posted By Glasgow Girl

Re: What to do with primary home before moving to US?

If they are moving here permanently they should sell it before they move to avoid the US and UK capital gains taxes that will apply after they have left the UK. US capital gains will apply to all...
Forum: USA
Apr 11th 2024, 4:05 pm
Replies: 10
Views: 698
Posted By Glasgow Girl

Re: What to do with primary home before moving to US?

Anyone can continue to make contributions to an existing UK pension scheme for up to 100% of UK earnings in the year they leave and a maximum of £3,600 (regardless of UK earnings) for each of the 5...
Forum: USA
Apr 10th 2024, 3:34 pm
Replies: 1,834
Views: 537,783
Posted By Glasgow Girl

Re: UK state pension and USA social security

I think the totalization agreement only allows you to combine US and UK SS and NI contributions if you don’t have enough in either country to qualify for either social security or the UK state...
Forum: USA
Apr 8th 2024, 4:02 pm
Replies: 2
Views: 353
Posted By Glasgow Girl

Re: 8938 Questions: Foreign Financial Assets

If you have been reporting under Question 36, I would continue to do so. Although it’s clear that foreign pensions should be reported (and that a $0 value should be used if the value is unknown) it...
Forum: USA
Apr 7th 2024, 6:28 pm
Replies: 17
Views: 1,106
Posted By Glasgow Girl

Re: Moving to US - rental property in UK

If by rolling the UK rental property into a US rental property you mean doing a 1031 exchange then be aware that the process is limited to US - US properties or international - international...
Forum: USA
Apr 5th 2024, 4:50 pm
Replies: 6
Views: 550
Posted By Glasgow Girl

Re: Pension Lump Sum - Aviva

Don’t have any experience or knowledge with Aviva, but can you ask them for a Transaction Reference Number (TRN). I believe such a number is associated with all transactions and allows the sending...
Forum: USA
Apr 5th 2024, 4:35 pm
Replies: 16
Views: 1,231
Posted By Glasgow Girl

Re: Do you really want to move to Florida?

Calculating rental taxes are not hard either. Online programs make it very easy to do. Depreciation is about the only item that would be unusual for anyone from the UK but that is fairly simple after...
Forum: USA
Apr 5th 2024, 4:28 pm
Replies: 15
Views: 650
Posted By Glasgow Girl

Re: Gatwick Airport Hotels?

This might help. https://santorinidave.com/gatwick-hotels
Forum: USA
Apr 3rd 2024, 4:31 pm
Replies: 2
Views: 361
Posted By Glasgow Girl

Re: Tax on UK pension

All pension income is taxed in the US not the UK so US tax will apply to all pension income received from the UK, and no tax should be paid in the UK. The only exceptions are pensions paid from a...
Forum: USA
Apr 3rd 2024, 4:21 pm
Replies: 17
Views: 1,106
Posted By Glasgow Girl

Re: Moving to US - rental property in UK

The UK has the first right to tax your UK rental income but you will also will be liable to US tax on the same income. The US will allow a credit of any UK tax paid, meaning that if the UK tax paid...
Forum: USA
Mar 31st 2024, 6:27 pm
Replies: 20
Views: 1,213
Posted By Glasgow Girl

Re: Inheritance Planning

What you want is a U.K. lawyer specializing in inheritance tax, of which I am sure there are many. The US won’t tax gifts made by a non US person, and won’t tax an inheritance so long as it is not...
Forum: USA
Mar 29th 2024, 12:30 am
Replies: 18
Views: 1,266
Posted By Glasgow Girl

Re: UK Personal Pension Advice

I believe that is consistent with what I communicated earlier which is that the only way to escape WEP on a foreign pension is either to forfeit all rights to a pension before becoming eligible or to...
Forum: USA
Mar 28th 2024, 3:42 pm
Replies: 18
Views: 1,266
Posted By Glasgow Girl

Re: UK Personal Pension Advice

Unfortunately with very few exceptions, Article 17 (1) (b) being one of them, the savings clause within the tax treaty allows the US the right to tax its citizens (living in the USA) as if the tax...
Forum: USA
Mar 28th 2024, 1:43 pm
Replies: 18
Views: 1,266
Posted By Glasgow Girl

Re: UK Personal Pension Advice

While I would love to take credit for successfully taking on the IRS, the success belongs to Glasgow Kid . No relation to me other than the fact that we both appear to come from Scotland, where we...
Forum: USA
Mar 28th 2024, 5:26 am
Replies: 18
Views: 1,266
Posted By Glasgow Girl

Re: UK Personal Pension Advice

The IRS has expressly stated that Article 17(2) of the tax treaty does not apply to is tax residents so that clause is knocked out, leaving 17 (1) (a) and (b)....
Forum: USA
Mar 28th 2024, 1:22 am
Replies: 18
Views: 1,266
Posted By Glasgow Girl

Re: UK Personal Pension Advice

Here is a link that provides a lot of detail on what can and cannot be WEP’d. Everyone can read and interpret as they see fit. First posted by USADragon last year. It is a very helpful insight into...
Forum: USA
Mar 24th 2024, 8:02 pm
Replies: 5
Views: 575
Posted By Glasgow Girl

Re: Sale of UK Rental Property

The cost basis will be whatever you paid for it when purchased plus any capital improvements less any depreciation taken (or should have been taken). The depreciation on a foreign property is 30...
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