Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I am a Brit but have rental properties in America. 1. Do…

I am a Brit but...
I am a Brit but have rental properties in America.
1. Do these need to be declared on UK or US tax returns or on both?
2. If I need to compile a US tax return, what are the deadlines & when is the US tax year please?
3. If I bought a US property before the end of the last UK tax year but have yet to sell it (& when i do it will be in the following UK tax year), how is that handled for CGT?Many thanks.
Show More
Show Less
Ask Your Own Finance Question
Answered in 10 minutes by:
10/15/2017
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 7,005
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

1. You will report your U.S. rental properties on both U.S. and UK tax returns.

2. The U.S. tax year is the calendar year. Tax returns are due on or before 4/15 of the following year. For example, 2017 tax returns are due by 4/15/18, unless you request an extension of 6 months.

3. You will owe CGT when the property is sold.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Finance Question
Customer reply replied 11 months ago
Hi Barb,Many thanks for the rapid response! Much appreciated.Regarding the CGT, is that payable in both the US & the UK, i.e. does the US have CGT or an equivalent please?Thank you kindly.

In your case because you are a non-resident of the U.S., FIRPTA will apply when the property is sold.

See the following: https://www.irs.gov/individuals/international-taxpayers/firpta-withholding

bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 7,005
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
Verified
bkb1956 and 87 other Finance Specialists are ready to help you
Ask your own question now
Customer reply replied 11 months ago
Great. Many thanks.
Best wishes,

My pleasure.

Thank YOU for the positive rating of my answer. It is very much appreciated!

Ask Your Own Finance Question
Customer reply replied 11 months ago
A final question please: after how much time spent in the US would we become tax resident there?
Thank you.

Here's a great IRS link regarding resident vs. nonresident:

https://www.irs.gov/taxtopics/tc850/tc851

Ask Your Own Finance Question
Customer reply replied 11 months ago
Many thanks Barb.

You're welcome!

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask bkb1956 Your Own Question
bkb1956
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 7,005
7,005 Satisfied Customers
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.

bkb1956 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I am a US Citizen (person of indian origin) filing my U.S.
I am a US Citizen (person of indian origin) filing my U.S. Tax Return regularly . I bought two house properties in india on home loan from Indian Bank i.e., one in 2002 and one in 2008 and kept these … read more
taxmanrog
taxmanrog
Master's Degree
1,173 satisfied customers
We are visiting Florida on a vacation (~ 5 months). We are
Hello, We are visiting Florida on a long vacation (~ 5 months). We are incurring sales tax on many transactions. Q. Are we able to claim this back when we leave America please? If, how do we go about … read more
bkb1956
bkb1956
Finance Enthusiast
7,005 satisfied customers
A few years ago I bought a house, renovated it, and put it
A few years ago I bought a house, renovated it, and put it up for sale but it didn't sell. For the last year it has been rented so I have rental income technically. I have not filed any type of tax re… read more
bkb1956
bkb1956
Finance Enthusiast
7,005 satisfied customers
I am during my rental properties tax return. It is in an LLC
I am during my rental properties tax return. It is in an LLC partnership. I keep getting teh following errors: 1. 1065 Warning - Beginning total assets should equal beginning total liabilities and cap… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Nice to meet you!!, So I have a property in modesto, ca that
Hello Pearl, Nice to meet you!!, So I have a property in modesto, ca that I will be renting out in July or August, cause I currently took a second on it to help pay the down payment on the new house I… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am about to submit my US tax return and have one
I am about to submit my US tax return for 2015 and have one outstanding question. I am a permanent US resident (Green Card) and submit a US tax return (Form 1040) each year. I also own a condo in Lond… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Texas Financial Planning Question A little background first.
Hello, Texas Financial Planning Question A little background first. My wife and I are fairly young; 33 and 29. We own our home in North Texas and have around $180K in home equity (still owe $120K on m… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
I have a tax predicament that I hope you can help me
Hello. I have a tax predicament that I hope you can help me with. My husband and I have lived in Spain 'on and off' for 2 years. We rent a flat in Spain, operate a bank account, and I have a Spanish '… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
Hi there, I have a hypothetical question. I will bullet point
Hi there, I have a hypothetical question. I will bullet point out the key factors below, followed by the question. 1. You are British and have always been (and fully domiciled in the UK). 2. You go on… read more
bigduckontax
bigduckontax
Secretary
FCCA FCMA CGMA ACIS
4,493 satisfied customers
My 1st husband and I bought a home in 1972. It was our primary
My 1st husband and I bought a home in 1972. It was our primary residence until we divorced in 1985. I lived in the home for the next 5 years (and paid all expenses including mortgage) and then bought … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
my husband sold his business which qualified him for entrepremeural
my husband sold his business which qualified him for entrepremeural relief of 10%. Although i wasn't nominally a shareholder in any documents - he always said that his shares were my shares too. On th… read more
bigduckontax
bigduckontax
Secretary
FCCA FCMA CGMA ACIS
4,493 satisfied customers
HiMy father is a British citizen living in Switzerland
Hi My father is a British citizen living in Switzerland (since 1979). He plans to repatriate in 2014 and to buy a house in Scotland. Before doing this he wants to understand any tax implications. He h… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
Hi,I am a German, married to a US citizen, now living and
Hi, I am a German, married to a US citizen, now living and working in the UK, since Sept 2012. I already did my first self assessment here (and a US joint tax return with my wife for 2012). We payed q… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How many small businesses in America do you estimate keep good
How many small businesses in America do you estimate keep good financial records that are available upon request to potential investors? Or do you find most small businesses don't keep good financial … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
UK Tax Law - flat rentalI rented a flat to tenants from 2003-2010
UK Tax Law - flat rental I rented a flat to tenants from 2003-2010 (part of the family house). This was land registered in my name at the land registry. My wife handled the rental - dealing with agent… read more
Sam
Sam
Tax Consultant
Higher Officer HMRC
7,714 satisfied customers
When does a Canadian have to file a 1040NR We file a Form
When does a Canadian have to file a 1040NR? We file a Form 8840 with the IRS already. I have an ITIN number (from previous US business income). We have 2 houses in Fort Myers FL. One we have started t… read more
TaxTom
TaxTom
Accountant
Bachelor's Degree
14 satisfied customers
hi i own a property with my husband bought about 2 yrs ago.
hi i own a property with my husband bought about 2 yrs ago. i also own a flat i bought 8 yrs ago, it is my second home. both properties are in london and i am the uk tax payer and resident. how long d… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
What are some complicating factors that may arise in ...
What are some complicating factors that may arise in compiling cash and financing bdugets in a business.… read more
Wayne Brasch
Wayne Brasch
Accountant and Business Consultant
Master Degree
718 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x