CGT for British expatriate

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DC

I am a British expatriate living in the US. I have a house in the UK which was my private residence in the UK until I was posted overseas by my company in 2000. I have since bought a house in the US and now want to sell the UK property. I've heard that the UK property can be treated as a PPR and that I am eligible for the $250/500k exemption because it was my PPR immediately prior to being sent overseas. Is that right?

[HomeGuru]

Originally Posted by arrowbar

DC

I am a British expatriate living in the US. I have a house in the UK which was my private residence in the UK until I was posted overseas by my company in 2000. I have since bought a house in the US and now want to sell the UK property. I've heard that the UK property can be treated as a PPR and that I am eligible for the $250/500k exemption because it was my PPR immediately prior to being sent overseas. Is that right?

**A: US Law only.

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DC

Yes, it's US law I'm referring to. I am US resident and pay US tax. so the question is whether the sale of the UK property will be treated as a PPR because that's what it was immediately prior to being transferred here.

[PghREA]

Try the Tax forum

[HomeGuru]

Correct**************

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Well that's a relief! Thank you.