Tax Question
Mar 6th 2002, 2:35 pm
#1
Guest
Posts: n/a
Tax Question
I'm currently trying to figure out my tax returns for this year. I have a question
regarding property tax (capital gains tax).
I'm a British citizen married to an American citizen and have 2 kids! I owned a
property (just in my name, not in wife's name) in the UK for 5 years and immigrated
to the US last summer (July). I finally sold the property in September and with the
proceeds brought a property over here. What are my tax liabilities? In the UK you do
not pay capital gains on the sale of your 'primary residence' but I have heard that
over here (USA) you do! Since we used that money to purchase a house in the USA can
the capital gains be rolled over into that property?
Are there any tax exemptions for immigrants? Where can i find any information on
this?
Any ideas (my accountant doesn't seem to understand it completely!),
Dave
regarding property tax (capital gains tax).
I'm a British citizen married to an American citizen and have 2 kids! I owned a
property (just in my name, not in wife's name) in the UK for 5 years and immigrated
to the US last summer (July). I finally sold the property in September and with the
proceeds brought a property over here. What are my tax liabilities? In the UK you do
not pay capital gains on the sale of your 'primary residence' but I have heard that
over here (USA) you do! Since we used that money to purchase a house in the USA can
the capital gains be rolled over into that property?
Are there any tax exemptions for immigrants? Where can i find any information on
this?
Any ideas (my accountant doesn't seem to understand it completely!),
Dave
Mar 6th 2002, 6:35 pm
#2
Guest
Posts: n/a
Re: Tax Question
The fact that the house was sold abroad has no effect on anything. You must report
the sale but the profit can be rolled over into the new house. You must also include
all income from the UK last year also.
Dave Langley wrote:
> I'm currently trying to figure out my tax returns for this year. I have a question
> regarding property tax (capital gains tax).
>
> I'm a British citizen married to an American citizen and have 2 kids! I owned a
> property (just in my name, not in wife's name) in the UK for 5 years and immigrated
> to the US last summer (July). I finally sold the property in September and with the
> proceeds brought a property over here. What are my tax liabilities? In the UK you
> do not pay capital gains on the sale of your 'primary residence' but I have heard
> that over here (USA) you do! Since we used that money to purchase a house in the
> USA can the capital gains be rolled over into that property?
>
> Are there any tax exemptions for immigrants? Where can i find any information
> on this?
>
> Any ideas (my accountant doesn't seem to understand it completely!),
>
> Dave
the sale but the profit can be rolled over into the new house. You must also include
all income from the UK last year also.
Dave Langley wrote:
> I'm currently trying to figure out my tax returns for this year. I have a question
> regarding property tax (capital gains tax).
>
> I'm a British citizen married to an American citizen and have 2 kids! I owned a
> property (just in my name, not in wife's name) in the UK for 5 years and immigrated
> to the US last summer (July). I finally sold the property in September and with the
> proceeds brought a property over here. What are my tax liabilities? In the UK you
> do not pay capital gains on the sale of your 'primary residence' but I have heard
> that over here (USA) you do! Since we used that money to purchase a house in the
> USA can the capital gains be rolled over into that property?
>
> Are there any tax exemptions for immigrants? Where can i find any information
> on this?
>
> Any ideas (my accountant doesn't seem to understand it completely!),
>
> Dave
Mar 6th 2002, 9:05 pm
#3
Guest
Posts: n/a
Re: Tax Question
Thanks Bruce. I was worrying that I would be liable for 20% Captial
Gains...apparently I have 'dual status' for the 2001 tax year and since I was only
here for 178 days I am a 'non-resident' alien!?!
Dave
"Bruce" <[email protected]> wrote in message
news:[email protected]...
> The fact that the house was sold abroad has no effect on anything. You must report
> the sale but the profit can be rolled over into the new house. You must also
> include all income from the UK last year also.
>
> Dave Langley wrote:
>
> > I'm currently trying to figure out my tax returns for this year. I have a
> > question regarding property tax (capital gains tax).
> >
> > I'm a British citizen married to an American citizen and have 2 kids! I owned a
> > property (just in my name, not in wife's name) in the UK for 5 years and
> > immigrated to the US last summer (July). I finally sold the property in September
> > and with the proceeds brought a property over here. What are my tax liabilities?
> > In the UK you do not pay capital gains on the sale of your 'primary residence'
> > but I have heard that over here (USA) you do! Since we used that money to
> > purchase a house in the USA can the capital gains be rolled over into that
> > property?
> >
> > Are there any tax exemptions for immigrants? Where can i find any information
> > on this?
> >
> > Any ideas (my accountant doesn't seem to understand it completely!),
> >
> > Dave
Gains...apparently I have 'dual status' for the 2001 tax year and since I was only
here for 178 days I am a 'non-resident' alien!?!
Dave
"Bruce" <[email protected]> wrote in message
news:[email protected]...
> The fact that the house was sold abroad has no effect on anything. You must report
> the sale but the profit can be rolled over into the new house. You must also
> include all income from the UK last year also.
>
> Dave Langley wrote:
>
> > I'm currently trying to figure out my tax returns for this year. I have a
> > question regarding property tax (capital gains tax).
> >
> > I'm a British citizen married to an American citizen and have 2 kids! I owned a
> > property (just in my name, not in wife's name) in the UK for 5 years and
> > immigrated to the US last summer (July). I finally sold the property in September
> > and with the proceeds brought a property over here. What are my tax liabilities?
> > In the UK you do not pay capital gains on the sale of your 'primary residence'
> > but I have heard that over here (USA) you do! Since we used that money to
> > purchase a house in the USA can the capital gains be rolled over into that
> > property?
> >
> > Are there any tax exemptions for immigrants? Where can i find any information
> > on this?
> >
> > Any ideas (my accountant doesn't seem to understand it completely!),
> >
> > Dave
Mar 7th 2002, 7:35 am
#4
Guest
Posts: n/a
Re: Tax Question
On 6 Mar 2002 06:59:12 -0800, [email protected] (Dave Langley) wrote:
>I'm currently trying to figure out my tax returns for this year. I have a question
>regarding property tax (capital gains tax).
>
>I'm a British citizen married to an American citizen and have 2 kids! I owned a
>property (just in my name, not in wife's name) in the UK for 5 years and immigrated
>to the US last summer (July). I finally sold the property in September and with the
>proceeds brought a property over here. What are my tax liabilities? In the UK you do
>not pay capital gains on the sale of your 'primary residence' but I have heard that
>over here (USA) you do! Since we used that money to purchase a house in the USA can
>the capital gains be rolled over into that property?
>
>Are there any tax exemptions for immigrants? Where can i find any
>information on this?
>
>Any ideas (my accountant doesn't seem to understand it completely!),
>
>Dave
Quite frankly, this is a question that probably only an accountant, and quite likely
only a tax attorney, will be able to answer. My guess is that your cost basis is the
value of the house when you actually came to the US.
Whether you can claim the excemption for selling your primary residence, I don't
know. I would guess that it only applies to residences in the US.
Ingo
I am not a lawyer and this is not legal advice. For reliable advice, please consult
with a professional immigration attorney.
For further information, check the following frequently-requested links.
For many questions, you may find answers at
http://travel.state.gov/visa_services.html (Department of State)
or http://ins.usdoj.gov (INS).
For consular policies and visa reciprocity fees, find your consulate in
http://travel.state.gov/links.html
For DOL Faxback status information: http://workforcesecurity.doleta.gov/
For information on affidavit of support for marriage to US citizens (I-864), go to
http://travel.state.gov/i864gen.html and http://travel.state.gov/checklist.html
For information on entering the US as a K-1: http://www.k1poelist.com/
For poverty levels, see http://aspe.os.dhhs.gov/poverty/00poverty.htm
For information on H/L/O/P visa extensions at Dept. of State in St. Louis, MO, see
http://travel.state.gov/revals.html
For non-official information, check:
(When using these sites, and any Web sites, please watch out for privacy, as I do not
know all site operators.)
http://www.visalaw.com http://www.shusterman.com http://www.immigration.com
http://members.aol.com/MDUdall http://www.murthy.com/ http://www.richw.org/dualcit/
(dual citizenship FAQ) http://www.ilw.com/pederson/visa.htm (dual citizenship info)
http://www.srs-usvisa.com http://www.getusavisa.com
http://greencard-lottery.virtualave.net/ http://www.jcvisa.com (H-1B)
http://www.h1bresources.com (marriage and fiancee) http://www.kamya.com/misc/
(marriage and fiancee) http://www2.apex.net/users/thehydes http://www.formshome.com
http://www.workpermit.com
This is not an endorsement of any of these Web sites. I am not affiliated with any of
the Web site owners and do not receive nor accept payment in return for listing them,
and typically don't even know them.
(if believe you have a good immigration-related Web site and want your Web site
listed here, please e-mail me).
>I'm currently trying to figure out my tax returns for this year. I have a question
>regarding property tax (capital gains tax).
>
>I'm a British citizen married to an American citizen and have 2 kids! I owned a
>property (just in my name, not in wife's name) in the UK for 5 years and immigrated
>to the US last summer (July). I finally sold the property in September and with the
>proceeds brought a property over here. What are my tax liabilities? In the UK you do
>not pay capital gains on the sale of your 'primary residence' but I have heard that
>over here (USA) you do! Since we used that money to purchase a house in the USA can
>the capital gains be rolled over into that property?
>
>Are there any tax exemptions for immigrants? Where can i find any
>information on this?
>
>Any ideas (my accountant doesn't seem to understand it completely!),
>
>Dave
Quite frankly, this is a question that probably only an accountant, and quite likely
only a tax attorney, will be able to answer. My guess is that your cost basis is the
value of the house when you actually came to the US.
Whether you can claim the excemption for selling your primary residence, I don't
know. I would guess that it only applies to residences in the US.
Ingo
I am not a lawyer and this is not legal advice. For reliable advice, please consult
with a professional immigration attorney.
For further information, check the following frequently-requested links.
For many questions, you may find answers at
http://travel.state.gov/visa_services.html (Department of State)
or http://ins.usdoj.gov (INS).
For consular policies and visa reciprocity fees, find your consulate in
http://travel.state.gov/links.html
For DOL Faxback status information: http://workforcesecurity.doleta.gov/
For information on affidavit of support for marriage to US citizens (I-864), go to
http://travel.state.gov/i864gen.html and http://travel.state.gov/checklist.html
For information on entering the US as a K-1: http://www.k1poelist.com/
For poverty levels, see http://aspe.os.dhhs.gov/poverty/00poverty.htm
For information on H/L/O/P visa extensions at Dept. of State in St. Louis, MO, see
http://travel.state.gov/revals.html
For non-official information, check:
(When using these sites, and any Web sites, please watch out for privacy, as I do not
know all site operators.)
http://www.visalaw.com http://www.shusterman.com http://www.immigration.com
http://members.aol.com/MDUdall http://www.murthy.com/ http://www.richw.org/dualcit/
(dual citizenship FAQ) http://www.ilw.com/pederson/visa.htm (dual citizenship info)
http://www.srs-usvisa.com http://www.getusavisa.com
http://greencard-lottery.virtualave.net/ http://www.jcvisa.com (H-1B)
http://www.h1bresources.com (marriage and fiancee) http://www.kamya.com/misc/
(marriage and fiancee) http://www2.apex.net/users/thehydes http://www.formshome.com
http://www.workpermit.com
This is not an endorsement of any of these Web sites. I am not affiliated with any of
the Web site owners and do not receive nor accept payment in return for listing them,
and typically don't even know them.
(if believe you have a good immigration-related Web site and want your Web site
listed here, please e-mail me).
