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British Rental Income

Most British citizens when move to the US choose to rent their home instead of selling it. If you are filing as a US resident, since you are taxed on your worldwide income, you must report your British rental property on your Schedule E. You are allowed to reduce your rental income by your rental expenses, such as property tax, interest on home mortgage, cleaning, gardening, repair and maintenance, utility, ... . One important deduction that many UK citizens forget to take is depreciation. 
If you own your rental property through a corporation or partnership, it is very important that instead of Schedule E, you report your rental activity in the corresponding "Foreign Informational" form, such as 5471 or 5865. Failure to do so can cause to pay large penalties for failure to file these forms. For more information on "Foreign Informational" forms, please visit this page.
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Sale of Your Primary Residence In The UK

Once again if you are filing as a US resident, you must report the gain from the sale of your primary residence in the UK. There is, however, ways to minimize your taxable gain on the sale of your home, and that is why you should know about code section 121.
Code section 121 allows to exclude from the gain on the sale of your personal residence $500,000 (for married filing jointly) and $250,000 (if you are filing as a single or married filing separately). To qualify for this great code section, you must meet both condition: (1) The gain must be from the sale of your Primary Personal Residence​ and (2) you must have lived in that residence at least two years in the past five years prior to the sale.


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  • Home
  • Services
    • Personal >
      • International Tax >
        • Moving to the US
        • Australia >
          • SuperAnnuation
          • Informational Returns
          • Australian Rental Income Tax In The US
        • UK >
          • Informational Returns
          • British Rental Income Tax In The US
        • CANADA >
          • Informational Returns
          • Canadian Rental Income Tax In The US
          • CCP / OAS
          • How Can Canadian Save Tax While Working In The US
        • Other Countries
        • Exit Tax: Covered and Non-Covered Expatriates
      • Federal and State Tax >
        • Opportunity Zone
        • Section 83(b) Election
        • Zero Tax On Long-Term Capital Gain and Dividend
        • Sexual Harassment Settlement Taxation
        • Combining Code Section 121 and 1031
        • Gambling
        • IRS Scam
        • Real Estate Safe Harbor
        • Gift Tax Exclusion
        • Withdraw cash From C Corp
        • R&D Credit
        • After Filing the Return
        • Home Office
        • PPP-Paid Expenses
        • Special Charitable Deduction
    • Business >
      • New Business Entity Formation >
        • Different Types Of Business Entity
      • Payroll and Sales Tax
      • Virtual CFO >
        • 6 Ways to Drive Sales from your marketing
        • Fraud Prevention
    • FBAR >
      • FBAR New Penalties
    • ITIN Application
    • IRS Representation
    • Installment Agreement >
      • Fresh Start
  • Insight
  • Tax Center
    • Where is My Refund
    • Due Dates
    • 2023 Tax Rates >
      • Tax Rates - 2022 >
        • Tax Rates - 2021 >
          • Tax Rate - 2020 >
            • Tax Rates - 2019 >
              • Tax Rates - 2018
  • About
  • Contact
  • Make A Payment