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Moving Back to UK

Moving Back to UK

Old Jan 14th 2020, 2:11 pm
  #1  
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Default Moving Back to UK

Hi All,

I am possibly moving back to the UK after 2 years on L1A. In that period, I have bought a house as I was pursuing a GC.. which then I changed my mind. I wanted to check whether, I can continue to keep the house in the US. Does the visa status drive this ?. What tax implications should I be looking out for..

TIA
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Old Jan 14th 2020, 3:05 pm
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Default Re: Moving Back to UK

You don't need any sort of visa to own real estate in the US, you don't any visa at all. In fact not only do you not need a visa, you don't even need to be eligible to enter the US - you could have been deported, have a drug conviction* making you ineligible for a visa and the VWP, or be a Cuban government minister*, it makes no difference, you can still buy and/or hold real estate in the USA.

* You may find your assets in the US frozen if you are sanctioned by OFAC.

You'll have to file a state and federal tax return to report income if you rent the house out, and you will be chargeable to state and federal CGT after three years (assuming you lived in it for 24 months when you move out - to qualify for the $250k/$500k exemption from federal CGT you have to have lived in it for 24 of the last 60 months).

Last edited by Pulaski; Jan 14th 2020 at 3:28 pm.
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Old Jan 14th 2020, 3:22 pm
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Default Re: Moving Back to UK

Originally Posted by Pulaski View Post
You don't need any sort of visa to own real estate in the US, you don't any visa at all. In fact not only do you not need a visa, you don't even need to be eligible to enter the US - you could have been deported, have a drug conviction making you ineligible for a visa and the VWP, or be a Cuban government minister, it makes no difference, you can still buy and/or hold real estate in the USA.

You'll have to file a state and federal tax return to report income if you rent the house out, and you will be chargeable to state and federal CGT after three years (assuming you lived in it for 24 months when you move out - to qualify for the $250k/$500k exemption from federal CGT you have to have lived in it for 24 of the last 60 months).
Hi Pulaski
Thanks a lot for this. Appreciate it.
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