Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Re: Minimise Capital Gains Tax for Non-Resident Date: 2/19/1999 12:15 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
[[I have been living, working and paying tax etc in the UK for many years now
although I am a US Citizen. I have purchased a large number of US Equities
over the last couple of years and would like to sell them this year to purchase a
boat in the US. If I do this within the UK I will be liable to 40% capital gains tax
bill, on all sales over a nominal amount. I believe - after reading your article
today - that this would be greatly reduced, if I moved back to the US and
became a resident tax-paying Citizen.]]

The problem is, as a US citizen, you are liable for tax on your WORLD WIDE income...regardless of where it was earned. So you should have been an ongoing taxpaying citizen all along. If you haven't been...and haven't been filing a return for the past number of years, Uncle Sammy will have a LOT of questions for you when you DO decide to file. He'll want to know a BUNCH of information about your earnings from the past...and why a tax return wasn't filed. I hope that you have a very good answer.

So until you get this matter cleared up, selling the stocks is the least of your worries. Make sure to get some advice from a tax professional who can help you with these issues. That would be my best suggestion.

TMF Taxes
Roy
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement