gordon wrote:I've been reviewing tax requirements for overseas assets, and think that income or capital gains derived from the overseas assets will be subject to tax in the UK when you become resident in the UK for tax purposes (and then the double-taxation treaties and regulations stipulate reductions you may claim on your tax liability in what will become your former country of residence, based on tax payments made in the UK). But I'm not a tax lawyer, so you (and I) will want to look very closely at the regs. AG
I will most definitely be hiring an accountant for taxes...I know enough at this point to know that I will have no idea what or who I owe. But as for the issues specific to property, taxes may be the *one* area where I'll benefit from being a victim of the current US real estate market. My mortgage is higher than the rent I can feasibly justify, given current trends.
Now, *next year*, when I'm at the very least breaking even, I'll be less pathetic and will need to account for capital gains. But for now, my world is all about losses, not gains
Incidentally, since the EC application didn't specifically ask, I certainly did not offer this information to my ECO! It would not have helped me to have to say that I'll be losing money every month on my property, while also living without a job.