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Where Taxpayers and Advisers Meet

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by DavidTreitel
Sun Jun 02, 2019 7:32 pm
Forum: Income Tax
Topic: Visitors tax Liability
Replies: 6
Views: 146

Re: Visitors tax Liability

Life is a little more complicated than you say. From a US perspective, as a US person your mother in law will continue to report worldwide income and gains. The US may give credit for UK tax payable. The treaty between the two countries can over-ride domestic UK law on residence if needed. Do not ov...
by DavidTreitel
Mon May 27, 2019 2:05 pm
Forum: Income Tax
Topic: Travelling in style
Replies: 4
Views: 236

Re: Travelling in style

The work in the United States will necessitate the filing of a US Federal (and possibly one or more State) income tax return. Whether or not there will be US tax due will be a question of facts and circumstances.
by DavidTreitel
Sat Feb 23, 2019 9:22 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK tax for house in the USA
Replies: 6
Views: 355

Re: UK tax for house in the USA

From a US perspective, in terms of any future gain on sale your son takes on your cost basis on any future sale of his share of the property. Consequently, he will not get the step up in basis on your death that he would otherwise expect. From a US perspective, this gifting plan might therefore resu...
by DavidTreitel
Mon Feb 04, 2019 7:41 pm
Forum: International Tax
Topic: USA return 2018 after leaving in August
Replies: 5
Views: 284

Re: USA return 2018 after leaving in August

Anthony - many thanks for the kind mention. Myself and my colleagues at our firm are indeed dually US/UK qualified although in practice most of what we do is US tax focused. Happy to help if I can. The easiest way to arrange to do that is to either email me at david.treitel@americantaxreturns.co.uk ...
by DavidTreitel
Mon Jan 28, 2019 8:00 pm
Forum: International Tax
Topic: Moving to the USA
Replies: 2
Views: 189

Re: Moving to the USA

When you succeed in moving to the States you will be a resident and subject to US Federal and possibly State tax on worldwide income & gains, plus annual information reporting. If you have a mortgage, you will want to do some reading on the US taxation of foreign currency mortgage gains. Rental inco...
by DavidTreitel
Mon Jan 21, 2019 9:33 am
Forum: Income Tax
Topic: Tax due on Australian Managed Funds / Shares
Replies: 3
Views: 168

Re: Tax due on Australian Managed Funds / Shares

If these are non-reporting funds, any gain is subject to UK income tax. There is no capital gains allowance. Losses cannot be set again offshore income gains. This is an anti-avoidance rule enacted way back in 1984.
by DavidTreitel
Mon Jan 21, 2019 9:31 am
Forum: Income Tax
Topic: Report USA Property Loss on Self Assessment
Replies: 1
Views: 90

Re: Report USA Property Loss on Self Assessment

From a US perspective as you both sold real property and had forgiveness of debt income in 2017 you have an obligation to file a US income tax return for 2017. Has this been filed yet?
by DavidTreitel
Fri Jan 18, 2019 11:36 am
Forum: Income Tax
Topic: Tax due on Australian Managed Funds / Shares
Replies: 3
Views: 168

Re: Tax due on Australian Managed Funds / Shares

Why do you think any gains are subject to UK capital gains tax? Are these UK reporting funds? If not, any gains are subject to UK income tax rather than capital gains tax.
by DavidTreitel
Sun Dec 16, 2018 12:41 pm
Forum: Income Tax
Topic: When do I declare US dividends as income
Replies: 4
Views: 335

Re: When do I declare US dividends as income

Assuming you are either domiciled in the UK, deemed domiciled in the UK or taxable on the arising basis; you are calculating things correctly. You are entitled to claim double tax relief up to 15% tax on US source dividends. Do remember if you own any US mutual funds to report capital gains distribu...
by DavidTreitel
Sat Dec 15, 2018 1:50 pm
Forum: International Tax
Topic: Completion of IRS form 8833
Replies: 1
Views: 233

Re: Completion of IRS form 8833

Jane - just a helpful hint. You doubtless have a PTIN (so that you can sign as preparer to avoid the IRS preparer penalty). You are hopefully also qualified in the States (as an EA or CPA). From a practical perspective, however, as you are located in the UK you will want to double check with your PI...

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