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Forum: USA

Jun 5th 2017, 8:46 pm

Replies: 16

US Capital Gains on UK property

Views: 2,565

Posted By Cook_County

Re: US Capital Gains on UK property

The United States has a self-assessment system. It will be your responsibility to calculate and report. You could engage a professional to assist and advise should you need.

Forum: USA

Jun 1st 2017, 7:21 pm

Replies: 16

US Capital Gains on UK property

Views: 2,565

Posted By Cook_County

Re: US Capital Gains on UK property

If you are a US resident when the property is sold the US will charge tax on the gain on the property (after letting you claim any suspended passive activity losses); on depreciation allowable (which...

Forum: USA

Jun 1st 2017, 8:44 am

Replies: 16

US Capital Gains on UK property

Views: 2,565

Posted By Cook_County

Re: US Capital Gains on UK property

If you are correct that you are an NRA; the United States only charges you tax on US source ECI (effectively connected income)

Forum: USA

Jun 1st 2017, 3:21 am

Replies: 16

US Capital Gains on UK property

Views: 2,565

Posted By Cook_County

Re: US Capital Gains on UK property

In this situation because of the decline in Sterling the opposite is likely to be true; except for the foreign currency mortgage - which will probably result in a significant level of US taxable...

Forum: USA

May 31st 2017, 6:56 pm

Replies: 16

US Capital Gains on UK property

Views: 2,565

Posted By Cook_County

Re: US Capital Gains on UK property

Have you included IRS Form 8582 and 1116 in your US returns?

Forum: USA

May 30th 2017, 10:04 am

Replies: 16

US Capital Gains on UK property

Views: 2,565

Posted By Cook_County

Re: US Capital Gains on UK property

As the property has been rented out the sale will permit you to claim any suspended passive activity losses but will require you to recapture depreciation allowable since it was first rented.

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