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Where Taxpayers and Advisers Meet

Selling from abroad...

philm117
Posts:1
Joined:Wed Aug 06, 2008 3:56 pm

Postby philm117 » Sat Jul 14, 2007 4:15 am

I have been living in the US for 6 years and wish to sell my London property. Will I be subject to Capital Gains Tax or any other taxes or duty for that matter?

Thanks.

wamstax
Posts:2019
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Postby wamstax » Sat Jul 14, 2007 4:24 am

If you are resident in USA & not resident in UK you will have no Capital gains tax to pay but may well have tax to pay in USA
regards
bill@wamstaxltd.com
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites

tax me less!
Posts:983
Joined:Wed Aug 06, 2008 3:29 pm

Postby tax me less! » Sat Jul 14, 2007 11:09 am

You will indeed owe USA tax at the 15% rate in the US plus State taxes if applicable. If you have ever rented out the property the rules are a great deal more complex. You may have excess foreign tax credits you could use.

davidc@james-barry.c
Posts:3
Joined:Wed Aug 06, 2008 3:08 pm

Postby davidc@james-barry.c » Sun Jul 22, 2007 5:26 am

Just a word of caution in connection with the mention of potentially utilising excess foreign tax credits - if you do not pay an income tax of at least 10% of the gain to a foreign country (and there could well be no tax to pay in the UK, as indicated above) then I don't believe it would be possible to class the gain you make as foreign source on your US tax return.


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