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Selling flat in UK then emigrating to USA. Will the money be taxed?
pompeylex
Posts: 6 Forumite
Hi there, not sure if this is the best section to be in for this question but I hope someone might be able to help me with some advice.
I'm a UK citizen and resident, but planning to emigrate to the USA next summer.
I intend to sell my flat and then move to America.
Will this money maybe £45-50k be liable to any tax in the US?
Below is the only piece of information I've found on this subject to date.
"If you are neither a US citizen nor resident at the time of the sale, the gain is not taxable in the US. Bringing the money into the US is not a taxable event. If you carry CASH or negotiable instruments into the US in excess of $5,000 or the foreign equivalent there are reporting requirements, however it is still not taxable. If you wire transfer the funds, any reporting is handled by the banks."
This sort of makes sense and it will apply to me as I will be selling before I become a US resident......I someone can offer some advice.
Many thanks
pompeylex :cool:
I'm a UK citizen and resident, but planning to emigrate to the USA next summer.
I intend to sell my flat and then move to America.
Will this money maybe £45-50k be liable to any tax in the US?
Below is the only piece of information I've found on this subject to date.
"If you are neither a US citizen nor resident at the time of the sale, the gain is not taxable in the US. Bringing the money into the US is not a taxable event. If you carry CASH or negotiable instruments into the US in excess of $5,000 or the foreign equivalent there are reporting requirements, however it is still not taxable. If you wire transfer the funds, any reporting is handled by the banks."
This sort of makes sense and it will apply to me as I will be selling before I become a US resident......I someone can offer some advice.
Many thanks
pompeylex :cool:
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Comments
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surely you've just answered your own question?0
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I believe that is absolutely correct provided you are selling your only or first home in the UK there is no UK tax. Money taken into the US will be subject to the normal money laundering conditions, you will need a perminent address in the Is in order to open a bank account (at least I did).0
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Hi Blacksheep I was looking for clarification, as I'd found that info in a Yahoo question, so it was a bit stand alone.
Cheers for the info ognam, I will be using the same bank as I have in the UK, as far as I know HSBC have a branch in the city I'll be living in.
Cheers people.0 -
I will be using the same bank as I have in the UK, as far as I know HSBC have a branch in the city I'll be living in.
- Do you mean you'll be using the same UK Bank account?? You'll find you really need a US Bank account...
Cheers!
Lodger0 -
I'll have a closer look into this closer to the time.....but I had a word with HSBC and they sort of said I could carry on as I am.........Hmmmmmm it does sound a bit too easy doesn't it :rolleyes:0
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Thanks for all your help and advice :T0
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Cheers Squirrel and Horse, I'll give that site a read, lucky I know where I'm going.....unless I read about somewhere better of course :rolleyes:0
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