cliff1961

Just like to know once i sell my property and move to US, and within a few months purchase a property with all the money from my previous property, the following year would i be taxed on the money i brought in and spent within a matter of months?

rpjs

You have to declare any capital gain you make on the sale, but if the property was your primary residence (where you lived for at least two of the last five years) then you have a tax-free allowance of $250,000, $500,000 if married filing jointly. You can also deduct selling costs (solicitors, estate agents fees) from the capital gained.

cliff1961

I have lived in my current home for over 50 years and once sold hope to have approx $180,000 and intend to purchase another property of similar value $180,000.

I was just curious if i come with $180,000 and i was taxed i may only be left with who know $130,000?

rpjs

You get taxed on the capital gain - i.e. the difference between the money you receive for it less the money you paid for it fifty years ago, or the value of the property when you inherited it, if that is the case. If that number comes to more than $250,000/$500,000 depending on filing status, then you pay capital gains tax on the amount above the exemption.

It seems to me you should be comfortably under the exemption and will most likely have no tax to pay.

cliff1961

Many thanks for the information you provided as i am getting to think of all the little pit falls and is there a way out. Where as i could jump from the frying pan into the fire!

Many Thanks once again!