Declaring UK Taxed Income to IRS
#16
Re: Declaring UK Taxed Income to IRS
Originally Posted by dbj1000
Residency for tax purposes is unrelated to Permanent Residency or Citizenship. If you are in the US for more than 180 days in one calendar year then you are resident for tax purposes. Full details can be found on the IRS website.
Foreign-Earned Income Exclusion is the obvious way to approach the issue, but given that there is a tax treaty between the US and the UK there are multiple ways to ensure that you are not double taxed on anything.
Foreign-Earned Income Exclusion is the obvious way to approach the issue, but given that there is a tax treaty between the US and the UK there are multiple ways to ensure that you are not double taxed on anything.
Question. After getting the non-residents tax certificate for rental income, will I still pay UK tax? I'm hoping to pay my taxes in the US only. Do I still need to file my UK taxes every year? I am not a UK citizen/national.
#17
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Re: Declaring UK Taxed Income to IRS
Originally Posted by Gross50
Correct, If you live/reside in the US you pay taxes on your worldwide income.
Question. After getting the non-residents tax certificate for rental income, will I still pay UK tax? I'm hoping to pay my taxes in the US only. Do I still need to file my UK taxes every year? I am not a UK citizen/national.
Question. After getting the non-residents tax certificate for rental income, will I still pay UK tax? I'm hoping to pay my taxes in the US only. Do I still need to file my UK taxes every year? I am not a UK citizen/national.
Registering means you get it Gross but it does not abslove you of UK tax.
My understanding is that you will need to calculate what you will pay to Her Majesty's Gov and that can be off set against what you calculate you owe Bush's lot. Usually you will pay more to UK gov.
#18
Re: Declaring UK Taxed Income to IRS
Originally Posted by Boiler
Yes, see the link above to Inland Revenue.
Usually you will pay more to UK gov.
Usually you will pay more to UK gov.
#19
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Re: Declaring UK Taxed Income to IRS
Not really an answer but I am not expecting much positive movement in UK prices.
I was sort of working on the basis that either I would not be here or it would be an issue I would have to address in the UK anyway.
I was sort of working on the basis that either I would not be here or it would be an issue I would have to address in the UK anyway.
#20
Re: Declaring UK Taxed Income to IRS
Originally Posted by Boiler
Not really an answer but I am not expecting much positive movement in UK prices.
I was sort of working on the basis that either I would not be here or it would be an issue I would have to address in the UK anyway.
I was sort of working on the basis that either I would not be here or it would be an issue I would have to address in the UK anyway.
#21
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Re: Declaring UK Taxed Income to IRS
Still waiting for the GC, but still liable to US taxes....
I have a friend who is into property investment, I will ask him..
I have a friend who is into property investment, I will ask him..
#22
Re: Declaring UK Taxed Income to IRS
Originally Posted by Boiler
Still waiting for the GC, but still liable to US taxes....
I have a friend who is into property investment, I will ask him..
I have a friend who is into property investment, I will ask him..
#23
Re: Declaring UK Taxed Income to IRS
Originally Posted by Yorkieabroad
Agree - until you come to sell it - at which point you'll pay no CGT to UK IR (so long as you meet the non-residency criteria), but will be liable to the US equivalent - does anyone know of any (legal) ways of minimising the US liability....?
If you are going to make more than $250k/$500k on the sale then you need to calculate the cost basis of the home, in order to subtract the maximum home value from the amount you sold it for. I don't know much about what's involved, but it can reduce your CG liability. Some information is here.