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Where Taxpayers and Advisers Meet

USA capital gains

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chrisfynes@tiscali.c
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Joined:Wed Aug 06, 2008 3:04 pm

Postby chrisfynes@tiscali.c » Sun Jul 06, 2003 12:33 am

I want to buy a house in Florida (no mortgage) and sell it after 10 years. What is the rate of capital gains I can expect in America?
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Ian McTernan CTA
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Joined:Wed Aug 06, 2008 3:02 pm
Location:Bedford
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Postby Ian McTernan CTA » Mon Jul 07, 2003 3:13 am

Assuming you are a UK resident/domicile then you will incur UK CGT on the sale as you are liable on your worldwide income and gains. You may incur USA CGT, but not sure on this. Any US capital gains tax paid will be allowed against your UK liability. You should consult a Florida CPA before purchase for other applicable taxes as well as consulting an estate agent that specialises in property purchases abroad.

Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com
McTernan Associates Ltd
Chartered Tax Advisers
Bedford
Email through link on website:
http://www.imcternan.com
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