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Help with Capital Gains on Property

Help with Capital Gains on Property

Old Feb 8th 2024, 6:49 pm
  #1  
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Default Help with Capital Gains on Property

Hi,

I have been in the US around a year and going through the visa process. During this time I rented out my UK flat, I am now looking to sell and am trying to understand the implications of the capital gains Tax and when or when it does not apply and how much I may need to pay. My original down payment was £130k and after I sell I would be due around another £120k so around £250k.

I assumed as it was my primary residence for 5 years before this and my plan was to come back and stay for a portion of the year (but that plan did not work out) and now I have to sell it that I would just get the money like a standard sale.

I really could do with the money but I would even prefer moving back for the required 90 day and selling once I have my visa then be taxed £20-50k

Any advice or what I may be expected to walk away with or what I could do would be much appreciated.
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Old Feb 8th 2024, 8:23 pm
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Default Re: Help with Capital Gains on Property

Are you also posting as Kerry1234567?

What is your status in the US - don't know what going through the visa process means?

One usually lives and works in the US once one has obtained the necessary visa.
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Old Feb 9th 2024, 12:52 pm
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Default Re: Help with Capital Gains on Property

No not Kerry.

I got married last Feb who is a US citizen and put a Petition for Alien Relative. I need to stay in the US while my petition is being processed and will probably be around 2 more months before i get a green card.
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Old Feb 9th 2024, 2:18 pm
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Default Re: Help with Capital Gains on Property

The answers to this post should answer your question.Brit based in the US selling rental property in the UK Not sure what the required 90 days are and how that changes anything.
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