About to sell UK home
#46
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The 988 transaction is an entirely separate tax event to the sale of the property. The question is: is a 988 transaction an investment? I don't know the answer to that. It's only an issue if your income takes you over the NIIT threshold.
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#47
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If it was considered an investment then wont the other QBU factors count? (Using a non functional currency?)
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#48
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The question has nothing to do with the property. The question is about a gain on a foreign debt obligation. Is a gain on a foreign debt obligation considered an investment gain? Probably not, but it should be confirmed.
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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 might be wrong.
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