Conundrum - liquidating UK asset and getting money to USA....

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Jul 25th 2012, 3:31 am

#16

Michael

Lost in BE Cyberspace

Joined: Jun 2008

Location: San Francisco Bay Area

Posts: 10,678

Re: Conundrum - liquidating UK asset and getting money to USA....

Quote:

Originally Posted by davenay67

Thanks for all the inputs, folks. This situation is more complicated than I originally imagined, so I will take the underlying advice and speak to the CPA we use for our (US) taxes.

The house was sold within 2 years of moving over here and all taxes were paid to the Inland Revenue at the time.

Thanks..!!

The good news is that there likely wouldn't be any taxes owed to the IRS on the sale of the home if it was your primary residence for at least 2 of the 5 years prior to the sale due to the $500K capital gains exemption if married and filing jointly or $250K if single.