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I am based in NY on an E2 visa and bought my home. I am

Hi. I am based...

Hi. I am based in NY on an E2 visa and bought my home. I am considering returning to the UK. This would involve me leaving the company that sponsor my E2. Would I be required to sell my home, or can I maintain asset ownership in the US without holding an E2? Thanks!

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't believe so

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Answered in 3 minutes by:
3/7/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,689
Experience: Taxes, Immigration, Labor Relations
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You may keep the property - that is not an issue.

However - if you sell it in future - you might not be able to exclude the gain.

Another issue - if you rent the property - that rental income will be taxable in the US - regardless if you become a nonresident alien for tax purposes.

But otherwise - you may own real estate in the US and not being a resident alien.

Let me know if you need any clarification.

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Customer reply replied 1 month ago
Got it thank you. If we sold in the future, but did not own another property overseas (and it therefore remained our ‘main home’ even we couldn’t live there) would we still be able to minimise capital gains liability? Thanks

That will be gain realized from US real property.

That gain is taxed at reduced rates - generally - not more than 15%.

However - if the property was used as your primary residence at least two out of last five years before the sale - that gain may be excluded from taxable income - up to $250k for a single person.

That is regardless if you own any other property or not.

Lev
Lev, Tax Advisor
Category: Tax
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