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Topic: Profit from Sale of UK House  (Read 724 times)

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Profit from Sale of UK House
« on: January 17, 2004, 04:39:34 AM »
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
Me (US/UK), DH (UK/US), DD (US/UK)
US > UK (2001, 3 years) > US (2004, 16 years) > UK (coming soon)

Specialist in UK > US Immigration via Direct Consular Filing (DCF), Founder of Dive Into America (2003-2020)


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Re: Profit from Sale of UK House
« Reply #1 on: January 20, 2004, 01:33:30 PM »
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
HT TAX (US & UK Tax Services)
e-mail:h.tanhaie@ntlworld.com


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Re: Profit from Sale of UK House
« Reply #2 on: January 25, 2004, 05:55:47 PM »
Thank you Helen!! That was very helpful indeed.

Sarah
Me (US/UK), DH (UK/US), DD (US/UK)
US > UK (2001, 3 years) > US (2004, 16 years) > UK (coming soon)

Specialist in UK > US Immigration via Direct Consular Filing (DCF), Founder of Dive Into America (2003-2020)


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