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25 March 2018 05:14 No, you are being very helpful, thank…

25 March 2018 05:14HI No, you...
25 March 2018 05:14HI
No, you are being very helpful, thank you. I understand that I will get taxed on any income from the USA once I am in the UK as a resident alien, or not. I also understand the treaty and from what you have said, no matter what my status I am elibible for this. Apart from it being easy to return to the USA should I change my mind to stay back home in England (unlikely) are there any other advantages to being a US citizen. I did read an article that in the UK when you sell your primary residence, the UK does not charge capital gains tax but I would have to pay it in the USA. What percent is this? I am just trying to weigh all the pros and cons of becoming a USA citizen or not. Thanks much.
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Answered in 1 minute by:
3/25/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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The Us allows for an exclusion of gain up to $250,000 if single (up to $500,000 if married filing joint) when you sale your main. The home must be owned and used by the person as the ir main home for at least 2 years out of the 5 prior to the sale.

If the gain is over the exclusion allowed there is tax on the remainder. The rate is dependent on the total income for the year.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 26 days ago
Ah! Thank you! ***** was earning something like $1500 a month or $18,000 a year ( I will be just earning fun money!) what would it be? Just trying to get an idea! Thanks Robin.

You mean for the $18k or for the sale of home?

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If you are outside the US working abroad you could exclude all your income so no tax. If you sale your home the capital gains rate would be 0

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Customer reply replied 26 days ago
What would be the CG on the sale of the house if my income was 18K. House will likely sell for about 330,000 pounds.
Customer reply replied 26 days ago
Oh, income would be UK income. I would also have my US social security and eventually payments from my retirement accounts.

How much over the cost is that. It is the gain that is taxed. Difference in cost and sale price less cost to sale.

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Customer reply replied 26 days ago
You have been incredibly helpful. Thanks. ***** got 330,000 that would be 10K over the purchase price.

In closing, your capital gain rate would be 0% with no capital gains to pay on the sale.

A positive 5 star rating is appreciated so I am credited for assisting.

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