533722
You'll need to sign in or create an account to connect with an expert.
No, but you can add the Stamp Duty to the basis of your residence. This will decrease any gain you might have when you sell the residence. Since the Stamp Duty is only paid when you buy or transfer a property, it does not qualify as real estate or property taxes. See https://www.gov.uk/stamp-duty-land-tax for definition of Stamp Duty.
However,your real estate taxes on your residence in the UK may be deductible.
According to 2016 Instructions for Schedule A (Form 1040) page 6 "Line 6 Real Estate Taxes":
"Include taxes (state, local, or foreign) you paid on real estate you own that wasn't used for business, but only if the taxes are assessed uniformly at a like rate on all real property throughout the community, and the proceeds are used for general community or governmental purposes".
The entire instructions for Schedule A can be found with this link:
https://www.irs.gov/pub/irs-pdf/i1040sca.pdf
Also, page 10 of IRS Publication 530, lists what items you can add to the basis of your home. The link is provided here: https://www.irs.gov/pub/irs-pdf/p530.pdf
Do you add to the cost basis Stamp Duty Reserve Tax (SDRT) paid on converting UK company Ordinary Shares to ADS and selling the ADS?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
dvrjtc
New Member
sofiem123
New Member
legendlime79
New Member
mariam-hassan1895
New Member
mariam-hassan1895
New Member