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Where Taxpayers and Advisers Meet

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by DavidTreitel
Tue Aug 18, 2020 1:13 pm
Forum: Income Tax
Topic: UK USA Tax form SA109
Replies: 7
Views: 914

Re: UK USA Tax form SA109

Thanks for the information. I was not aware that you had to deprecate the UK rental property. I can see it getting complicated when I sell the property or if I pay capital gains in the UK at the time of sale it would mean I would not have to in the US or does it complicate the matter as I depreciat...
by DavidTreitel
Fri Aug 14, 2020 8:34 pm
Forum: Income Tax
Topic: UK USA Tax form SA109
Replies: 7
Views: 914

Re: UK USA Tax form SA109

From a UK perspective the entitlement to the personal allowance is automatic because of your British citizenship. From a US perspective you'll want to pay any UK tax no later than 31 December each year. In the US the rental activity will be reported on Schedule E plus Forms and 1116. Deprecation wil...
by DavidTreitel
Mon Aug 10, 2020 8:45 am
Forum: Capital Gains Tax, CGT
Topic: Dual Resident CGT
Replies: 11
Views: 1921

Re: Dual Resident CGT

In practice the United States will charge tax on all of the gain (plus if there is a mortgage) on any foreign currency mortgage gain. Owing some amount of UK CGT on the gain from April 2015 would be a moot point as the United States will give a credit for the UK CGT. Even owing a larger amount of CG...
by DavidTreitel
Sat Jun 06, 2020 6:55 pm
Forum: International Tax
Topic: Move to UK - IB account
Replies: 3
Views: 1471

Re: Move to UK - IB account

The ETFs are inevitably going to be invested in non-UK reporting funds; which are not obvious choices for a UK resident. HMRC kindly list all reporting funds here: https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-funds
by DavidTreitel
Mon Jun 01, 2020 8:52 am
Forum: Capital Gains Tax, CGT
Topic: Capital Gains Tax on sale of rental property in Calfornia
Replies: 2
Views: 774

Re: Capital Gains Tax on sale of rental property in Calfornia

Dave - it is rare, very rare that it is helpful for a US citizen in the UK to elect to claim the remittance basis. For Federal, California and UK tax purposes there is a step-up in basis as at the date of death. Consequently the gain in all 3 jurisdictions is calculated only from the date of death. ...
by DavidTreitel
Sun May 03, 2020 8:23 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax
Replies: 2
Views: 555

Re: Inheritance Tax

Sorry to hear of your loss. From a US perspective you now own an interest in a foreign estate. Until the estate is distributed to you, you will report this each year to the IRS on Form 8938. Should you receive more than US$100,000 you will additionally file Form 3520 with the IRS. If you have signat...
by DavidTreitel
Sat Apr 25, 2020 10:48 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: tax on usa IRA accounts???
Replies: 3
Views: 15061

Re: tax on usa IRA accounts???

The expiry of a green card has no effect on US tax. Hopefully you are filing annual US income tax returns reporting worldwide income and gains each year. Should you ever wish to abandon the green card it would be helpful to read further beforehand about US expatriation tax rules.
by DavidTreitel
Sat Apr 25, 2020 10:45 am
Forum: Property Taxation
Topic: IRS Form 5472
Replies: 2
Views: 987

Re: IRS Form 5472

In addition to 5472 filing, there is Form 1040NR filing and you'll want to decide if you wish to make the net election. If you are UK resident I would be as concerned about timely UK corporation tax filing. A US domestic LLC is usually an unconventional entity choice for a UK resident because the tw...
by DavidTreitel
Fri Feb 28, 2020 10:02 am
Forum: International Tax
Topic: Need Help - UK TAX for USA Citizen (Dual Residency)
Replies: 2
Views: 782

Re: Need Help - UK TAX for USA Citizen (Dual Residency)

James - assuming you do not work - even remotely - while in the UK and have no other source of UK income you could claim to be solely a treaty resident of the United States and potentially owe no UK tax. In practice if you can reduce just a little your planned time in the UK to fewer than 183 days i...
by DavidTreitel
Thu Feb 27, 2020 9:41 pm
Forum: Income Tax
Topic: Tax Residency
Replies: 8
Views: 930

Re: Tax Residency

My apologies if I was not clear. The advice part is the first part of my reply. Most folks would use the official IRS Streamlined Foreign Offshore Procedures (SFOP) to catch up. https://www.irs.gov/individuals/international-taxpayers/u-s-taxpayers-residing-outside-the-united-states

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