Hopefully Simple CGT Shares Question
Hello, I have just been offered a job in Birmingham AL, local hire, fully liable for US taxes.
Most of my assets are in the form of shares, no property, and my question is: Would the basis for the gains on my shares in the US be their value on the date when I become a permanent resident? Or is it based on the difference between the original share purchase price and the selling price, whenever that will be? I assume it is the latter, and that since the shares are in GBP, the difference in GBP is firstly calculated, and the gain converted to USD. The issue is especially important to me because I currently live in a country (not UK) with no CGT on shares, and so I am assuming it is in my favour to sell all my shares that have made a gain and keep all those with a loss before taking up US residency... I recognise I need some professional tax advice, but anyone with an appreciation of my situation and could give a short overview would be greatly appreciated. Thanks, Rob |
Re: Hopefully Simple CGT Shares Question
Originally Posted by collardgreens
(Post 10348830)
Hello, I have just been offered a job in Birmingham AL, local hire, fully liable for US taxes.
Most of my assets are in the form of shares, no property, and my question is: Would the basis for the gains on my shares in the US be their value on the date when I become a permanent resident? Or is it based on the difference between the original share purchase price and the selling price, whenever that will be? I assume it is the latter, and that since the shares are in GBP, the difference in GBP is firstly calculated, and the gain converted to USD. The issue is especially important to me because I currently live in a country (not UK) with no CGT on shares, and so I am assuming it is in my favour to sell all my shares that have made a gain and keep all those with a loss before taking up US residency... I recognise I need some professional tax advice, but anyone with an appreciation of my situation and could give a short overview would be greatly appreciated. Thanks, Rob Also, as soon as you become considered a resident for tax purposes, you need to file an FBAR if you have accounts or signatory on investments that total over $10k at any point in any given year. |
Re: Hopefully Simple CGT Shares Question
Originally Posted by collardgreens
(Post 10348830)
The issue is especially important to me because I currently live in a country (not UK) with no CGT on shares, and so I am assuming it is in my favour to sell all my shares that have made a gain and keep all those with a loss before taking up US residency...
|
All times are GMT. The time now is 4:46 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.