Jump to content

2 posts in this topic

Recommended Posts

Hello,

We are about half way through IR-1 DCF via London, the I-130 is approved and I need to book my medical/interview once I acquire my police certificate, etc.

I was hoping to get some advice on what to do with our UK flat once we move to the US? This is our only residence and has been our main residence the whole time we have owned it. The flat is in a popular area so there is potential to rent it out to cover the mortgage. Ideally I would like to rent it out until the mortgage is paid off but I have read some stories on here about CGT after renting or selling while abroad and would like some advice as to if this would actually be worth it?

Also, it is quite likely we will be moving without jobs - is $40,000 in savings generally enough to live in Chicago comfortably while we look for jobs?

Many thanks in advance

Share this post


Link to post
Share on other sites

It would be wise to consult an accountant.  This can be complex tax planning.

 

You will have to declare rent as income on your US tax return.  You will also be able to deduct the mortgage interest and costs.

You will have to report the asset to the IRS with your tax return.

 

When you sell, you will need to report the gains on your US tax return.

 

You will have to run the numbers, look into the complications of filing tax returns in the UK and the US, and be able to manage a property from overseas with different time zones to see if it's worth it to you.

Share this post


Link to post
Share on other sites
 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...