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Topic: UK home sale  (Read 1637 times)

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UK home sale
« on: June 09, 2022, 08:54:33 AM »
Hi all, we are moving back to GA after 16 years in the UK! I've been offered a job so that's covered. My question is we took the home exclusion in Feb 2021, so will be liable for CGT on our main home if we sell before Feb 2023, but I believe we may be eligible for a partial exclusion as I'm moving for work? The IRS calculator seems to indicate 20 months would allow a $230000 exclusion. Am I correct? ( Although we are married I am the sole owner)
Also, 50% of our current home was inherited from my mother in 2020 (joint tenants) so how do I calculate basis?  Eeek


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Re: UK home sale
« Reply #1 on: June 09, 2022, 03:43:59 PM »
Your calculation is correct.

But I'm confused by the second part.  Are you the sole owner or does your partner own 50%?


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Re: UK home sale
« Reply #2 on: June 09, 2022, 03:51:37 PM »
Ah thank you. I was joint tenant with my mum, so inherited when she died. I have an estate agents valuation from a couple of months later, which was higher than the notional probate value (which I got from zoopla as no one would come out during lock down!)


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Re: UK home sale
« Reply #3 on: June 09, 2022, 04:49:38 PM »
Ah thank you. I was joint tenant with my mum, so inherited when she died. I have an estate agents valuation from a couple of months later, which was higher than the notional probate value (which I got from zoopla as no one would come out during lock down!)

Oh!!!!!  I see where the 50% came from now.  Sorry that it took me a minute.

I see the trickiness now.  As it's not a straight forward of "this is the amount of increase since I assumed ownership".  Hopefully one of the pros will chime in.

There's also a really good Facebook group called US Expat Tax Question, which I've linked.  Only downside is you will lose your anonymity that you have here.  But look for a guy named David to reply.  He knows his stuff.  He won't tell you his company or try to get you to use him (like here, completely volunteer/free advise).  He will respond and steer you correctly.  Basically ignore everyone (like me) who is all "well..... I'd just use xxxx amount".  ;D

https://www.facebook.com/groups/usexpattax


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Re: UK home sale
« Reply #4 on: June 09, 2022, 05:38:30 PM »
That's really helpful. Thanks so much


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