Customer: Hi my name is ***** *****. My issue is that I am a US
citizen and am selling my house in the UK and expect to pay $100,000 in capital gains tax
to the uk tax authorities. I have the $500,000 allowance
on sale of main residential home and also unused carry over losses that will make my us capital gains tax zero $0. How can I use this enormous foreign
since in future years I will have little if any foreign capital gains. Should I take a deduction
? Any advice would be welcome. Regards ***** *****
JA: Thanks. Can you give me any more details about your issue?
Customer: Iam a us citizen but have been living in the uk for some 20 years. I bought the property
in 1993 and have a large capital gain which will result in $100,000 uk capital gains tax. However, with allowances and capital losses
carried over I will not have to pay any capital gains tax in the US. So what do I do with the foreign tax credit since I will not have foreign capital gains in the future. Let me know any specific questions you have. Thanks
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: Yes, Just let me know when you are ready. ***** *****
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.