The Motley Fool Discussion Boards
Retirement Discussions / FIRE Wannabees
|Subject: Re: Retiring to Scotland||Date: 1/5/2004 11:58 PM|
|Author: warrl||Number: 1718 of 5050|
(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.
Look at whether it would make sense to roll the deferred comp plan over into a conventional IRA. (If you were staying in the US long-term, I would say that it almost certainly would make sense! - but that isn't your plan.)
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.
Or... unless the tax laws in Scotland would ding you with a tax on your overseas capital gain. In which case you'd probably do well to not live in Scotland until that capital gain is in a prior year.
(Note: I do NOT know this. In fact I know almost nothing about Scotland's tax laws - and have severe doubts about the tiny bit I think I know. But it's a possibility I would inquire about if it were me planning this move, or a move to any other country.)
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|