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Its not stress that kills us, it is our reaction to it.
Hans Selye
| The information on this page should be used as a
guide. You should talk to a competent tax attorney or accountant before proceeding.
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| The way your US taxes are calculated and the amount you will pay
depends upon whether you are classified as resident or non resident
for tax purposes. You will become resident for tax purposes in the US if you spend more than 183 days in one calendar year, or more than 121 days per year on average over the last three years and you do not have a main home in some other country. This is an oversimplification of a complex formula which gives more weight to recent years. Our simplification, however, ensures that by complying with our 121 day rule, you will not become a tax resident. OR if you hold a permanent resident card or status. The US tax year is the same as the calendar year unlike the UK tax year. If you are a resident of the U.S. you will be liable for income tax, capital gains tax and estate tax (inheritance tax) on your world-wide assets. |
| Upon sale of a home non-residents will be required to pay
capital gains tax. The capital gains tax iis based upon the
difference between the purchase price and the sales price and
usually is about 30%. Non-residents will be also subject to a 10% withholding upon sale of a residence. Note: When selling your home seek tax advice as the rules are complex |