moving next year - UK property
Nov 5th 2019, 2:22 pm
#1
Just Joined
Thread Starter
Joined: Nov 2019
Posts: 1
moving next year - UK property
Hello,
We are about half way through IR-1 DCF via London, the I-130 is approved and I need to book my medical/interview once I acquire my police certificate, etc.
I was hoping to get some advice on what to do with our UK flat once we move to the US? This is our only residence and has been our main residence the whole time we have owned it. The flat is in a popular area so there is potential to rent it out to cover the mortgage. Ideally I would like to rent it out until the mortgage is paid off but I have read some stories on here about CGT after renting or selling while abroad and would like some advice as to if this would actually be worth it?
Also, it is quite likely we will be moving without jobs - is $40,000 in savings generally enough to live in Chicago comfortably while we look for jobs?
Many thanks in advance
We are about half way through IR-1 DCF via London, the I-130 is approved and I need to book my medical/interview once I acquire my police certificate, etc.
I was hoping to get some advice on what to do with our UK flat once we move to the US? This is our only residence and has been our main residence the whole time we have owned it. The flat is in a popular area so there is potential to rent it out to cover the mortgage. Ideally I would like to rent it out until the mortgage is paid off but I have read some stories on here about CGT after renting or selling while abroad and would like some advice as to if this would actually be worth it?
Also, it is quite likely we will be moving without jobs - is $40,000 in savings generally enough to live in Chicago comfortably while we look for jobs?
Many thanks in advance
Nov 5th 2019, 7:27 pm
#2
Heading for Poppyland
Joined: Jul 2007
Location: North Norfolk and northern New York State
Posts: 14,540
Re: moving next year - UK property
Are you initially staying with family or friends? Assuming “yes,” then I’d have to say - if one of you, at least, is able to get get a job within a couple of months, then yes, $40,000 is ok.
Nov 5th 2019, 10:59 pm
#3
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: moving next year - UK property
I would simply my life and sell the flat, but that's me.
Keeping it will complicate your taxes and could turn into a capital gains nightmare if you sell while a US resident for tax purposes.
Keeping it will complicate your taxes and could turn into a capital gains nightmare if you sell while a US resident for tax purposes.
