Tax question
my husband is retiring and getting a lump sum and then his pension. anyone know what the tax percentage will be on the lump sum in the usa?
and is there a tax on first time buyers for homes that you have to pay when you file income tax forms in 2008/09 year.. this will be next year.. we are immigrating to usa, and buying a house.. and got loads of tax questions and haven't a clue what we are doing. |
Re: Tax question
Originally Posted by Cynda59
(Post 5733428)
my husband is retiring and getting a lump sum and then his pension. anyone know what the tax percentage will be on the lump sum in the usa?
and is there a tax on first time buyers for homes that you have to pay when you file income tax forms in 2008/09 year.. this will be next year.. we are immigrating to usa, and buying a house.. and got loads of tax questions and haven't a clue what we are doing. |
Re: Tax question
Originally Posted by Cynda59
(Post 5733428)
my husband is retiring and getting a lump sum and then his pension. anyone know what the tax percentage will be on the lump sum in the usa?
and is there a tax on first time buyers for homes that you have to pay when you file income tax forms in 2008/09 year.. this will be next year.. we are immigrating to usa, and buying a house.. and got loads of tax questions and haven't a clue what we are doing. www.fool.com |
Re: Tax question
really appreciate you taking the time to respond.. i have looked at the irs website, and I am a bit stupid when it comes to undestanding it all. kinda why i was asking for someone's experience.. can read forms all day long, but if anyone has had the experience of going through this.. get in touch please. thank you.
thanks. |
Re: Tax question
Originally Posted by Cynda59
(Post 5734524)
really appreciate you taking the time to respond.. i have looked at the irs website, and I am a bit stupid when it comes to undestanding it all. kinda why i was asking for someone's experience.. can read forms all day long, but if anyone has had the experience of going through this.. get in touch please. thank you.
thanks. |
Re: Tax question
There is no income federal tax when buying property; however, the individual states or jurisdictions within them (cities and counties) often have a "transfer tax" or other related fee related to purchasing property. The states and local authorities have the power to levy their own taxes and fees on this sort of thing, and most of them do.
But transfer taxes are generally pretty nominal and aren't something to focus on. Rather than worry about the transfer tax specifically, just sort out the total closing costs (which will include not just taxes, but other items as well) and plan for the property taxes that you will pay while you own the property. Also bear in mind that when it comes to sell, the brokerage fee in the US is generally higher than it is in the UK, so it will cost you more to exit from the property that you might have otherwise expected. |
Re: Tax question
Thanks but not really interested in investing anything as of yet.
his lump sum pension ..figure.. is what i am wanting to know how we pay taxes on that.. if we remained in the uk. i guess you dont pay taxes on it.. but due to going to usa.. of course uncle sam wants a taste.. i am real dumb when comes to these tax things. think i will hire a cpa. |
Re: Tax question
Originally Posted by Cynda59
(Post 5734735)
Thanks but not really interested in investing anything as of yet.
his lump sum pension ..figure.. is what i am wanting to know how we pay taxes on that.. if we remained in the uk. i guess you dont pay taxes on it.. but due to going to usa.. of course uncle sam wants a taste.. i am real dumb when comes to these tax things. think i will hire a cpa. and your living there at the moment why tell anybody .. |
Re: Tax question
Originally Posted by Cynda59
(Post 5734735)
his lump sum pension ..figure.. is what i am wanting to know how we pay taxes on that.. if we remained in the uk. i guess you dont pay taxes on it.. but due to going to usa.. of course uncle sam wants a taste.. i am real dumb when comes to these tax things.
think i will hire a cpa. When will he receive this lump sum? When will you move to the USA? If he receives the money in 2008, and you move to the US in 2009, then there is no problem. Even if you move in 2008 there still might not be a problem, depending on how the IRS classifies this "lump sum". Is it considered taxable income in the UK? You say you "guess" it isn't... you'd better find out for sure. In general, the transition year is the most complicated because you probably have income from two countries, so will have to file both places. IRS has rules and guidlines specific to the transition year, search for the terms "substantial presence test" and "first year choice". Depending on when you move you might have some choices to make as to how to file. |
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