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Forum: USA

Mar 14th 2023, 2:44 am

Replies: 15

capital gains tax on UK property

Views: 1,549

Posted By Glasgow Girl

Re: capital gains tax on UK property

There is a de minimus amount in all foreign currency transactions of $200. If the foreign currency gain on the amount of principal repaid with any payment exceeds $200 then the entire gain should be...

Forum: USA

Mar 13th 2023, 2:44 pm

Replies: 15

capital gains tax on UK property

Views: 1,549

Posted By Glasgow Girl

Re: capital gains tax on UK property

Because you have not lived in the property for 2 out of the past 5 years there will be US CGT to pay, on the difference between the purchase price and the sales price. As a non resident you will also...

Forum: USA

Mar 12th 2023, 6:16 am

Replies: 15

capital gains tax on UK property

Views: 1,549

Posted By Glasgow Girl

Re: capital gains tax on UK property

Yes, unfortunately the $250K/$500K CGT exemption only applies if you lived in the property for 2 out of the prior 5 years.

Forum: USA

Mar 12th 2023, 4:01 am

Replies: 15

capital gains tax on UK property

Views: 1,549

Posted By Glasgow Girl

Re: capital gains tax on UK property

The foreign currency gain due on the sale only applies to the outstanding mortgage amount redeemed at the point of sale. Take that amount, calculate the USD value using the exchange rate on the date...

Forum: USA

Mar 12th 2023, 3:07 am

Replies: 15

capital gains tax on UK property

Views: 1,549

Posted By Glasgow Girl

Re: capital gains tax on UK property

Also, hopefully you are aware of the requirement to report all overseas bank accounts on an FBAR, and on Form 8938 with your tax return (if you meet the thresholds), and if you are a US citizen or...

Forum: USA

Mar 12th 2023, 1:57 am

Replies: 15

capital gains tax on UK property

Views: 1,549

Posted By Glasgow Girl

Re: capital gains tax on UK property

Unfortunately, you will be subject to UK and US Capital Gains Tax although you will get credit in the US for any tax paid in the UK. You will also be subject to tax at ordinary income rates on any...

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