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Topic: Capital Gains in US on UK house sale  (Read 1080 times)

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Capital Gains in US on UK house sale
« on: February 10, 2017, 11:26:22 PM »
In 2016 I sold a house in the UK which had been rented for 5 years. So no 250K exclusion. Depreciation recapture quite large as well. My question is RE the tax bracket for capital gains. I have little other income for 2016, so I am assuming I will be in the 15% capital gains bracket, but does the profit from the house sale itself or the depreciation recapture push me into a higher bracket? I believe the depreciation recapture is a straight 25%.

Thx

Srt


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Re: Capital Gains in US on UK house sale
« Reply #1 on: February 11, 2017, 10:14:26 AM »
Does it matter; as you presumably get a credit for UK CGT which was higher than US tax?


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Re: Capital Gains in US on UK house sale
« Reply #2 on: February 11, 2017, 01:32:43 PM »
No UK CGT - non- resident in UK since 2015, and house sold for less than 2015 valuationā€¦

A


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Re: Capital Gains in US on UK house sale
« Reply #3 on: February 11, 2017, 05:36:28 PM »
But if you had a mortgage, a really horrid foreign currency gain to recognise as well because of the collapse in Sterling.


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Re: Capital Gains in US on UK house sale
« Reply #4 on: February 11, 2017, 08:29:02 PM »
No mortgageā€¦paid off 10+ years ago


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