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Sale of UK house

Sale of UK house

Old Jul 8th 2002, 7:20 pm
  #1  
Jason Tomlins
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Default Sale of UK house

All,

As a UK citizen working in US on an L1-B, still employed as a UK entity I want to
sell my UK property (only property I have other than the company rented apartment I
am currently living in). Am I subject to any US taxes on the sale ?

Thanks.

Jason.
 
Old Jul 8th 2002, 7:20 pm
  #2  
Stuart Brook
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Posts: n/a
Default Re: Sale of UK house

Jason Tomlins wrote:
    >
    > All,
    >
    > As a UK citizen working in US on an L1-B, still employed as a UK entity I want to
    > sell my UK property (only property I have other than the company rented apartment I
    > am currently living in). Am I subject to any US taxes on the sale ?
    >
    > Thanks.
    >
    > Jason.

Yes ... if you are now a tax resident of the US, it is attributible to Capital Gains
tax, and the gain is based on the date you acquired it, not the date you entered the
US! Given the phenomenal increase in UK property that could quickly cost you money.
You need to find yourself an international tax specialist.
 
Old Jul 9th 2002, 12:20 am
  #3  
Jason Tomlins
Guest
 
Posts: n/a
Default Re: Sale of UK house

Thanks for the advice, Stuart. My wife who is here with me and not working or paying
tax in US is joint owner of the house. If I were to transfer the house to her name
would this avoid the paying capital gains tax?

Thanks, jason.

Stuart Brook <[email protected] > wrote in message
news:<[email protected] da.ca>...
    > Jason Tomlins wrote:
    > >
    > > All,
    > >
    > > As a UK citizen working in US on an L1-B, still employed as a UK entity I want to
    > > sell my UK property (only property I have other than the company rented apartment
    > > I am currently living in). Am I subject to any US taxes on the sale ?
    > >
    > > Thanks.
    > >
    > > Jason.
    >
    > Yes ... if you are now a tax resident of the US, it is attributible to Capital
    > Gains tax, and the gain is based on the date you acquired it, not the date you
    > entered the US! Given the phenomenal increase in UK property that could quickly
    > cost you money. You need to find yourself an international tax specialist.
 
Old Jul 9th 2002, 2:20 am
  #4  
Stuart Brook
Guest
 
Posts: n/a
Default Re: Sale of UK house

Jason Tomlins wrote:
    >
    > Thanks for the advice, Stuart. My wife who is here with me and not working or
    > paying tax in US is joint owner of the house. If I were to transfer the house to
    > her name would this avoid the paying capital gains tax?
    >
    > Thanks, jason.

This would not help. You should contact an international tax specialist to determine
if this can be still considered a principal residence and whether, as such it is
eligible for the CG deduction.

Stuart
 

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