Tax deductions for house in England
Jan 29th 2006, 11:56 pm
#1
Forum Regular
Thread Starter
Joined: Jan 2006
Location: Manhattan
Posts: 170
Tax deductions for house in England
Ok I know you have all sooo heard this before but can I bore you again ?
We have a house in England being rented, do we have to declare it here ? The current renters cover the interest only mortgage but wouldnt if we increased it to a repayment mortgage.
Its in my name and I've been here since august and it looks like we will be here for at least the next two years aslong as the L1/2 visa gets extended next week.
I keep hearing that if we do declare we then have to pay the US if we sell it ?(which I doubt will happen in the near future) is this the case even if we move back home for good?
If we do have to declare it here, what can we claim for on tax deductions ?
Have heard that you can claim yearly maintenance and the like ?
Cheers and sorry for repeating a question you have prob heard already- typical newbie !
We have a house in England being rented, do we have to declare it here ? The current renters cover the interest only mortgage but wouldnt if we increased it to a repayment mortgage.
Its in my name and I've been here since august and it looks like we will be here for at least the next two years aslong as the L1/2 visa gets extended next week.
I keep hearing that if we do declare we then have to pay the US if we sell it ?(which I doubt will happen in the near future) is this the case even if we move back home for good?
If we do have to declare it here, what can we claim for on tax deductions ?
Have heard that you can claim yearly maintenance and the like ?
Cheers and sorry for repeating a question you have prob heard already- typical newbie !
Jan 30th 2006, 6:07 am
#2
Account Closed
Joined: Mar 2004
Posts: 2
Re: Tax deductions for house in England
If you are resident for tax purposes then Yes you declare it. And generally the US tax calculation is more generous than the UK as far as deductions.
I am not going to comment on the CGT aspect, there was a long thread on it recently.
I am not going to comment on the CGT aspect, there was a long thread on it recently.
Jan 30th 2006, 2:05 pm
#3
Forum Regular
Thread Starter
Joined: Jan 2006
Location: Manhattan
Posts: 170
Re: Tax deductions for house in England
Originally Posted by Boiler
If you are resident for tax purposes then Yes you declare it. And generally the US tax calculation is more generous than the UK as far as deductions.
I am not going to comment on the CGT aspect, there was a long thread on it recently.
I am not going to comment on the CGT aspect, there was a long thread on it recently.
