Properties sold in the UK, but live in the US.
Jul 17th 2017, 12:12 am
#17
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Joined: Mar 2012
Posts: 78
Re: Properties sold in the UK, but live in the US.
If I understand correctly HMRC are already charging penalties for failure to file non-resident CGT returns with them within 30 days of sale. You may need to get your boots on and file with HMRC...
From a US perspective, you will need to file Form 3520 for the year you received the inheritance and pay US tax on any gain or report any loss. You doubtless have been including the estate as an asset on Form 8938 for any years while it was still in administration and will file both an 8938 and an FBAR next year for 2017.
From a US perspective, you will need to file Form 3520 for the year you received the inheritance and pay US tax on any gain or report any loss. You doubtless have been including the estate as an asset on Form 8938 for any years while it was still in administration and will file both an 8938 and an FBAR next year for 2017.
Is there a particular form to fill out for HMRC regarding non-resident CGT?
also found this, albeit from LegalZoom and wondered if this is correct.
oreign Taxes and Transfers
If you receive an inheritance from abroad and you pay taxes to a foreign government on that inheritance, you declare that amount to the IRS on Form 706-CE. The IRS allows you to take a credit for any taxes paid to a foreign government, offsetting the amount due in the United States. If you bring the money into the United States, however, you must file Form 3520, which declares any transfer of property and gifts from a foreign country. This declaration does not subject the assets to income or estate tax.
Jul 17th 2017, 2:43 am
#18
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Joined: Mar 2012
Posts: 78
Re: Properties sold in the UK, but live in the US.
found the form.......
https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property
https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property
