US Tax on UK house sale?
Does anyone know if we will have to pay US tax on the money we make from the sale of our house in the UK?
I am going to have to file retrospective tax returns for the last three years to be able to complete the I-864 Affidavit of support - has anyone done this recently in the UK? Just want to make sure we don't end up having to pay tax in the US next year for the sale of our UK house this year!!! thanks |
Re: US Tax on UK house sale?
Originally Posted by cruickies
(Post 4893588)
Does anyone know if we will have to pay US tax on the money we make from the sale of our house in the UK?
I am going to have to file retrospective tax returns for the last three years to be able to complete the I-864 Affidavit of support - has anyone done this recently in the UK? Just want to make sure we don't end up having to pay tax in the US next year for the sale of our UK house this year!!! thanks if you've owned it a year or more you are looking at 15% |
Re: US Tax on UK house sale?
Originally Posted by BritGuyTN
(Post 4893661)
yes - if you made a capital gain on the sale....
if you've owned it a year or more you are looking at 15% |
Re: US Tax on UK house sale?
If main residence, no tax is payable.
|
Re: US Tax on UK house sale?
Originally Posted by tonyghiggins
(Post 4893859)
If main residence, no tax is payable.
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Re: US Tax on UK house sale?
It can still be a main residence not matter where you live. Maybe I am not understanding the question right.
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Re: US Tax on UK house sale?
thanks for your replies. The house is our main residence while we live here. We plan to sell it before we move to the US and just want to make sure we won't get hit by any tax after we get there...particularly if there was some loophope we could have used...had we known about it
|
Re: US Tax on UK house sale?
Originally Posted by tonyghiggins
(Post 4893888)
It can still be a main residence not matter where you live. Maybe I am not understanding the question right.
|
Re: US Tax on UK house sale?
Originally Posted by cruickies
(Post 4893907)
thanks for your replies. The house is our main residence while we live here. We plan to sell it before we move to the US and just want to make sure we won't get hit by any tax after we get there...particularly if there was some loophope we could have used...had we known about it
|
Re: US Tax on UK house sale?
Thanks guys.
|
Re: US Tax on UK house sale?
Even if you lived in US and rented out your place in UK, it can still be your main residence.
How can the US claim tax on a property you have sold overseas, I always thought you deal with the tax in the home country first. I am not even sure the 3 years rule is correct, I'll check with my accountant next week. |
Re: US Tax on UK house sale?
Originally Posted by tonyghiggins
(Post 4895187)
Even if you lived in US and rented out your place in UK, it can still be your main residence.
How can the US claim tax on a property you have sold overseas, I always thought you deal with the tax in the home country first. I am not even sure the 3 years rule is correct, I'll check with my accountant next week. We sell house in the UK before we go over but still need to declare it as income in the tax year on our US tax returns or We don't sell it before we go and sell it after we are there say 2 or 3 months and then need to declare. Would hate to have to pay taxes on the money if we can avoid it!!! |
Re: US Tax on UK house sale?
Originally Posted by cruickies
(Post 4895458)
Thanks Tony. My concern is that:
We sell house in the UK before we go over but still need to declare it as income in the tax year on our US tax returns or We don't sell it before we go and sell it after we are there say 2 or 3 months and then need to declare. Would hate to have to pay taxes on the money if we can avoid it!!! |
Re: US Tax on UK house sale?
Originally Posted by tonyghiggins
(Post 4895187)
Even if you lived in US and rented out your place in UK, it can still be your main residence.
How can the US claim tax on a property you have sold overseas, I always thought you deal with the tax in the home country first. I am not even sure the 3 years rule is correct, I'll check with my accountant next week. |
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