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|Subject: Re: Retiring to Scotland||Date: 1/5/2004 8:14 PM|
|Author: WeeBeastie||Number: 1710 of 5085|
(1) Check carefully, there may be signifigant tax advantages to remaining in the US until AFTER the end of the tax year in which you sell your house.
Heh, heh. You'd be surprised at the amount of sniffing around I've done to work out when it's best to leave work (I have a deferred comp plan that pays out on termination - ouch!), sell the house etc. The thing with selling the house is that I'm aware that spring/summer markets are more advantageous for selling.
I won't have enough of a gain on the house to worry about cap gains unless my calcs on property appreciation are too conservative. This is a possibility as I have assumed an increase at the rate of inflation on property. Then again, appreciation would have to exceed the rate of inflation by quite a bit before my net gains would be more than $500K. I just ran the calc and appreciation would need to be 10% annually, which I doubt will happen. I'm not certain what happens to property gains if I file as Non-Resident, but I'll check it out.
Looks to me like most of your disadvantages of moving to Scotland could be countered - without giving up most of the advantages - by moving to a warmer part of Europe.
And that would definitely be worthy of careful consideration if it turned out we couldn't stand the climate. The downside is I'd need to investigate all those other countries' tax laws, healthcare entitlement (I'm not certain I'd have any) etc. Also, there's the language barrier.
One of the reasons for going back is also to be around family and friends to a degree. Let's see how quickly I'm looking at those southern European countries when I'm back with the family in reality ;)
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