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Search: Posts Made By: Itwillrain
Showing results 1 to 25 of 48
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Forum: USA
May 3rd 2025, 4:39 am
Replies: 9
Views: 1,105
Posted By Itwillrain

Re: Remortage UK buy-to-let house to pay down US mortgage

thank you for clarifying these points.
Forum: USA
Apr 30th 2025, 2:05 am
Replies: 9
Views: 1,105
Posted By Itwillrain

Re: Remortage UK buy-to-let house to pay down US mortgage

Seeking clarification on how my FX gain is taxable on UK remortage. Scenario - Original mortage taken in 2015 from Bank A (owner occupied house ). Then it was remortgages as buy to let mortage from...
Forum: USA
Apr 28th 2025, 10:20 am
Replies: 9
Views: 1,105
Posted By Itwillrain

Re: Remortage UK buy-to-let house to pay down US mortgage

Thanks a lot for the feedback Glasgow Girl . Asking for some further clarification on your point "1. If there is an existing UK mortgage to redeem prior to remortgaging, is that subject to the IRS...
Forum: USA
Apr 28th 2025, 2:58 am
Replies: 9
Views: 1,105
Posted By Itwillrain

Remortage UK buy-to-let house to pay down US mortgage

Hello all

I have a US mortgage of $500K on my US self-occupied house at 6.75% interest. Too high interest rate! I plan to reduce my interest burden by remortgaging my UK rental property at 5%...
Forum: USA
Dec 10th 2024, 3:33 pm
Replies: 12
Views: 1,979
Posted By Itwillrain

Calling from US to UK

Hi all - over the next 10 days I will be making many calls from my US mobile phone to UK landlines (about 10 calls and each could be about 10 mins). The rates my mobile service provider has are a bit...
Forum: USA
Oct 30th 2024, 2:11 pm
Replies: 10
Views: 1,284
Posted By Itwillrain

Re: Proposal to increase capital gains tax

thank you. Your input is very helpful.
Forum: USA
Oct 30th 2024, 11:51 am
Replies: 10
Views: 1,284
Posted By Itwillrain

Re: Proposal to increase capital gains tax

hello. I read that the capital gains tax rate has increased but not on residential property. Wondering if our case is considered as. Residential property or not? Any intel you can share? At what rate...
Forum: USA
Oct 20th 2024, 1:14 pm
Replies: 10
Views: 1,284
Posted By Itwillrain

Re: Proposal to increase capital gains tax

we just accepted the offer. Will take few months to close.
Forum: USA
Oct 20th 2024, 4:32 am
Replies: 10
Views: 1,284
Posted By Itwillrain

Re: Proposal to increase capital gains tax

Thank you . Very helpful input. I will keep my fingers crossed. Hoping the proposal would not impact house sales.
Forum: USA
Oct 20th 2024, 2:16 am
Replies: 10
Views: 1,284
Posted By Itwillrain

Re: Proposal to increase capital gains tax

Our scenario is neither second home (the house we are selling is the only property we have) and not buy to let since inception (it was owner occupied, but then let out because of our move to the US)....
Forum: USA
Oct 20th 2024, 12:44 am
Replies: 10
Views: 1,284
Posted By Itwillrain

Proposal to increase capital gains tax

Hello.

We are in the process of selling our UK house (we lived in that house and then rented it after moving to the US about 2 years ago). We have no other property in the UK or the US.


I...
Forum: USA
Sep 21st 2024, 1:56 am
Replies: 8
Views: 1,890
Posted By Itwillrain

Re: Sale of UK house - UK and US tax

Hello. Thanks for sharing such good info. 2 more questions pls.

1. To take the 2/5 year exemption there is no need to reinvest the sale proceeds in another property. Correct?

2. Is there the...
Forum: USA
Sep 14th 2024, 5:13 am
Replies: 8
Views: 1,890
Posted By Itwillrain

Re: Sale of UK house - UK and US tax

Thank you so much sharing your thoughts. My tax accountant says that I cannot get the full 500K exemption because the house was not self-occupier for the entire time that I owned it.

I told him I...
Forum: USA
Sep 13th 2024, 4:23 am
Replies: 8
Views: 1,890
Posted By Itwillrain

Sale of UK house - UK and US tax

Hi all,

We moved to the US 2.5 years ago. We are conspiring selling our UK house, and then buy a house in the US. Currently, we live in a rented house.

I would like some clarity on the tax...
Forum: USA
Jun 14th 2022, 12:13 am
Replies: 8
Views: 1,974
Posted By Itwillrain

Re: L2s Social Security Number delay

Hello ..thanks for that info. One question - in the last sentence you have mentioned that. 'I'd get to them again'. What does that mean? Does it mean to reapply ? Is that allowed?
Forum: USA
Jun 7th 2022, 5:15 am
Replies: 8
Views: 1,974
Posted By Itwillrain

L2s Social Security Number delay

Hello ..how long does it take now to get a SSN for L2S (spouse of L1)? Google search says 2-3 weeks. In our case, we have been waiting for more than 7 weeks now We have called SSN office few times,...
Forum: US Immigration, Citizenship and Visas
May 3rd 2022, 11:13 pm
Replies: 5
Views: 1,311
Posted By Itwillrain

Re: L2s authorized to work?

I94 mentions her status as L2S.
Forum: US Immigration, Citizenship and Visas
May 3rd 2022, 2:16 pm
Replies: 5
Views: 1,311
Posted By Itwillrain

L2s authorized to work?

Hello
​​​​​​I am a L1 holder. Last week I entered the US with my wife. My wife's I94 notes her status as "L2S".

The status does not mention that she is the spouse of a L1 holder.
...
Forum: USA
Mar 29th 2022, 2:29 am
Replies: 17
Views: 2,041
Posted By Itwillrain

How to make bank transfers

Hello. I will be making transfer from my UK bank account to a third party bank account in the UK while I am physically relocated to USA. The payment would be to close in a house purchase (yet to do...
Forum: The Trailer Park
Mar 16th 2022, 10:50 am
Replies: 6
Views: 1,289
Posted By Itwillrain

Re: Baggage allowance

Thanks. I am still few days away from booking the ticket/speaking to the airlines. Thought folks here may have knowledge about baggage also.
Forum: The Trailer Park
Mar 16th 2022, 10:39 am
Replies: 6
Views: 1,289
Posted By Itwillrain

Baggage allowance

Hello.

We are getting ready to pack.. Moving to the US in a month or so. Haven't booked the tickets. Wanted some Intel on baggage.

How many suitcases are allowed on a Business class from...
Forum: USA
Mar 2nd 2022, 3:23 am
Replies: 5
Views: 12,833
Posted By Itwillrain

Re: Florida - Driving on UK licence vs International Driving Permit

Thank you for such a detailed and well explained feedback.
Forum: USA
Mar 1st 2022, 8:44 am
Replies: 5
Views: 12,833
Posted By Itwillrain

Florida - Driving on UK licence vs International Driving Permit

Hello.

I am moving to Florida on L1 visa. First few months will be very hectic there. So I was thinking that I should obtain an International Driving Permit in the UK. This will allow me to drive...
Forum: USA
Jan 25th 2022, 10:47 pm
Replies: 18
Views: 4,687
Posted By Itwillrain

Driving on a UK license in Florida - problems and helpful tips?

Hello all,

We are moving from London to Florida in 3-4 months (L1 visa). My company will provide me with the car for the first month. I’ve been told I can on the UK license. Correct?

The...
Forum: USA
Jan 13th 2022, 8:10 am
Replies: 10
Views: 1,656
Posted By Itwillrain

Re: Tax on sale of UK home

So the best way would be to repay the mortgage (through other savings) before stepping foot in the US to avoid this FX income.
Big thanks
Showing results 1 to 25 of 48
 
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