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Topic: capital gains tax on income from home in the UK  (Read 1162 times)

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capital gains tax on income from home in the UK
« on: February 12, 2005, 03:27:20 PM »
Wondering if anyone has knowledge on captial gains tax on a UK home in the US.  We've moved over to the US and before we moved we sold our UK home and brought the money we made with us.  Just wondering if we have to claim that on our US income tax.  In the US you're allowed to make quite a bit of profit on the sale of your house....but wondering if its the same for a home in the UK.  Someone said that the US won't tax you twice on the sale of your home (in this instance we've already paid tax in the UK when we sold the home)  Anyway, I should add that we both owned the home and my husband is British.  Thanks for any information


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Re: capital gains tax on income from home in the UK
« Reply #1 on: February 13, 2005, 06:18:36 PM »
The rules around capital gain on a sale of a principal residence is the same for a home in the US or UK. So, if you are filing jointly with your husband and you owned and occupied the property for 2 out of the last 5 years, you can claim an exemption of up to $500,000 of the capital gains.

Obviously this is general, but if you want to discuss  your specific situation, feel free to contact me.

Helen
 
HT TAX (US & UK Tax Services)
e-mail:h.tanhaie@ntlworld.com


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