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Deductions & credits
As far as I know you cannot offset this currency 'gain' if you're resident in the US. We have got advice from a number of people on this and it seems punitive but alas it is what it is.
By question is this - we've been in the US as L1s/L2s for 2.5 years. We plan to remortgage as soon as we get home (which we have deferred because we did not want to be liable for this tax). Once we are resident in the UK again, I assume we will no longer be liable in the US for any 'fx' gain when we do remortgage, or if we are filing a US tax return that year, will the IRS still lay some sort of claim to it (we would have been resident in the US for 7 or so months of the year), but the remortgage will only take place once we're UK residents again. Thanks.
By question is this - we've been in the US as L1s/L2s for 2.5 years. We plan to remortgage as soon as we get home (which we have deferred because we did not want to be liable for this tax). Once we are resident in the UK again, I assume we will no longer be liable in the US for any 'fx' gain when we do remortgage, or if we are filing a US tax return that year, will the IRS still lay some sort of claim to it (we would have been resident in the US for 7 or so months of the year), but the remortgage will only take place once we're UK residents again. Thanks.
May 31, 2019
11:01 PM