Profit from Sale of UK House

Hiya,

Anyone know anything about what kind of taxes will be incurred in the UK and/or US from the sale of a house in the UK which was used as a residence (not for income)??

Hubby and I are getting ready to sell up and dont know what to expect as this is our first sale.

Ta,
Sarah

In the US, if you are filing as married filing joint, you will be able to exempt up to $500,000 of the gain on the sale of a principal residence if you owned and occupied it for 2 out of the last 5 years.

In the UK , you can exempt all of the gain (no limit) if this was your principal residence.

Hope this answers you questions.

Helen
HT-TAX

Thank you Helen!! That was very helpful indeed.

Sarah