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Question

if an expatriate from the UK works permanently in the USA, does the sale of any of his worldwide assets incur US capital gains tax. If so, are you the guys to halp us reduce the liability

Submitted: 32 days and 20 hours ago.
Category: Tax
Value: $32
Status: CLOSED
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State/Country relating to question: United Kingdom

Accepted Answer

Hello gatdog999,

If you are a US citizen or a resident alien in the United States, then you are subject to taxes on your income worldwide. That would include being taxed on any gains you have from the sale of assets located anywhere in the world.

If you also paid tax to the country where your property was located, then you would be allowed a credit for that tax on your US tax return, but that is the only thing that would reduce your tax liability on the gains you have from the sale.

If this was helpful please press the Accept button.

Thank you XXXXXXXXX

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Expert: Merlo
Pos. Feedback: 99.8 %
Accepts: 
Answered: 10/20/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

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