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#1
12-20-2004, 10:26 AM
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 Re: Selling property overseas; declare in US? IRO wrote: - quote - > H1B in USA - have been here over 4 years. Just sold property
As a resident alien of the US you are subject to US tax law> in UK. Do I need to declare this as income in US tax? I will > already be paying capital gains in UK - isn't this double > taxation? regarding the sale of capital assets. The treaty between the two nations includes capital gains. The US will allow a foreign tax credit for income taxes you pay to the UK on any gain on the sale of the property. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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12-20-2004, 09:48 AM
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| Re: Selling property overseas; declare in US? - quote - > H1B in USA - have been here over 4 years. Just sold property
If you are filing in the US as a resident alien, yes. Form> in UK. Do I need to declare this as income in US tax? I will > already be paying capital gains in UK - isn't this double > taxation? 1116 is used to claim a credit for the UK tax you pay. That minimizes (but doesn't always completely eliminate) the double tax. -- Thomas E Healy, CPA, PC 1650 38th St., Ste 202W Boulder, CO 80301 Please send email to: tom[at]tomhealycpa.com, since I block all email at my newsgroup address. phone (303) 443-1804 fax (720) 489-3772 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-14-2004, 01:56 AM
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| Selling property overseas; declare in US? H1B in USA - have been here over 4 years. Just sold property in UK. Do I need to declare this as income in US tax? I will already be paying capital gains in UK - isn't this double taxation? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| declare, overseas, property, selling |
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