Hello
Guest

Sponsored Links


Topic: Should I stay in US until my house sale check clears?  (Read 863 times)

0 Members and 2 Guests are viewing this topic.

Should I stay in US until my house sale check clears?
« on: December 14, 2009, 08:52:45 PM »
Hello,

We will sell my US house before we move from US to UK.

We meet the test to qualify for exemption of tax on the gains.

We will be UK domiciled and resident, dual UKC & USC

If I leave US and arrive UK AFTER I sign the sale BUT BEFORE I receive the $$ payment from the purchaser will this receipt of funds be a UK taxable event - or should I stay in US until the funds are deposited ?

We have never before sold a US house so not sure how it works. I asked a real estate co. and they advised that the funds are transfered electronically at the time of closing so this may not be a matter for concern.

I am wondering what other peoples experiences have been.

Thanks


  • *
  • Posts: 2636

  • Liked: 106
  • Joined: Dec 2005
Re: Should I stay in US until my house sale check clears?
« Reply #1 on: December 14, 2009, 09:06:13 PM »
There is no UK tax on the sale of a main residence.

There could capital gain tax on currency gains but this unlikely to be an issue.


Re: Should I stay in US until my house sale check clears?
« Reply #2 on: December 15, 2009, 07:25:19 PM »
I like that kind of feedback, nothing to worry about on this subject.
Well, thats a stone turned and nothing nasty found underneath. Maybe I am worrying too much about this stuff.
Cheers,
June and John


Sponsored Links