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Topic: Need advice choosing professional help, please  (Read 2968 times)

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Need advice choosing professional help, please
« on: April 25, 2025, 10:09:21 AM »
After returning to England nearly 4 years ago, I'm now wanting to purchase a home.  Pretty much all of my money is still in the US, either in a managed IRA, or invested in stocks, with a small amount banked there.  (I've been using a financial advisor affiliated with LPL for years.)

Any thoughts on who to turn to for advice?  I know some of you are wonderful on this site, but I'm not confident enough to wander through this potential tax minefield without hand-holding.

TIA!


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Re: Need advice choosing professional help, please
« Reply #1 on: April 25, 2025, 11:08:49 AM »
Last year my wife cashed in her Roth IRA to buy houses here. It was quite straightforward. Tax free in both countries.

She has also been selling shares from her stocks ETF. When selling shares from her ETF she needs to know the exchange rate at the time of purchase and at the time of sale to calculate the capital gain in GBP.

We do use a dual qualified tax preparer in London.
Dual USC/UKC living in the UK since May 2016


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Re: Need advice choosing professional help, please
« Reply #2 on: April 25, 2025, 12:27:45 PM »
Thanks for your response.
Sadly, I don't have Roths.  I have been using a tax preparer in London, so will reach out to them.


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Re: Need advice choosing professional help, please
« Reply #3 on: April 25, 2025, 03:58:30 PM »
Thanks for your response.
Sadly, I don't have Roths.  I have been using a tax preparer in London, so will reach out to them.

We used to have IRAs but converted them to Roths over a number of years using non-periodic lump sum withdrawals (every other year) which means they only get taxed at the lower IRS rate even when living in the UK.

You could potentially run down your stocks portfolio for living expenses using the lower capital gains rate, while doing IRA to Roth conversions for future tax free withdrawals. Just a thought.
« Last Edit: April 25, 2025, 04:01:24 PM by durhamlad »
Dual USC/UKC living in the UK since May 2016


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Re: Need advice choosing professional help, please
« Reply #4 on: April 25, 2025, 08:11:21 PM »
It’s a good thought, thanks!


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