DC
I am a British expatriate living in the US. I am US resdient and pay US tax. 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?
I am a British expatriate living in the US. I am US resdient and pay US tax. 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?