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fortunatecookie | Does a British citizen who sells property in the United States owe US capital gains tax? |
If a British citizen who has owned a house and land in the United States for many years sells that house and land, does that person need to file a US income tax return and declare the sale as a capital gain (and pay long-term capital gains taxes on the sale)?
If so, what forms must that person file?
(The house is not the person's residence)
Additional Details
Thanks for all of the useful info.
I see that I didn't fully explain the situation. I am a US citizen and I am not the seller of the property, rather I would like to be the buyer of the property.
I wanted to find out the tax implications for the seller because I may want to ask the seller to take back a mortgage on the property, and I want to understand whether there are tax advantages for the seller to make the sale during 2010 instead of waiting until long-term capital gains tax rates go up in 2011.
I guess that the taxation rules that cover the portion of the sale price that the seller would carry a mortgage on would not be handled as capital gains, but rather as an installment sale of some kind, and so I wonder whether there are also any advantages to the seller for that part if he does the transaction in 2010 rather than waiting until 2011.
Hope that clarifies things. |
 |
 
tro
 |
you probably rented this out therefore you will file a 4797 and Sch D with your non resident alien return
and yes, you owe cap gains tax if this was an investment property
these are found at. www.irs.gov, altho the 2010 forms are not yet available, but these forms will change very little |
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the tax lady
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If rented, did you file 1040 with schedule E? If yes, 1040NR, 4797 and schedule D because you will owe income tax and depreciation recapture.
if rented, but you opted for 30% in tax straight from the rent, then just 1040NR with schedule D.
If un rented, then just 1040NR with schedule D.
Max rate is 15%, but AMT will kick in. You can deduct property taxes on the 1040NR.
Will the 10% withheld at closing cover the tax or not?
Y'Know, I hate when people come back and add more information. Yes, the Brit can do an installment sale, though he has to recapture any depreciation in year 1. On the installment sale, he has to pay taxes over the next X years--which can make the 10% withheld at time of sale interesting. |
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Bash Limpbutt's Oozing Cyst©
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Yes, you need to file a US return and pay the relevant taxes. Since the property is located in the US, any gains or income are effectively connected to the US and are fully taxable in the US.
If the home was a 2nd home you file Form 1040-NR and attach Schedule D. Schedule D is where you figure the gain on the sale. You use the worksheet in the 1040-NR instructions to figure the tax.
If the home was a rental property, you file Form 1040-NR along with Form 4797 and Schedule D. You use Form 4797 to figure the gain and the depreciation recapture. The recapture is taxed at a higher rate than ordinary long-term capital gains, up to 25% vs the normal 15%. The totals flow to Schedule D and again you use the worksheets in the 1040-NR instructions to calculate the tax.
If the buyer is a US person they are required to withhold 10% of the purchase price and pay that to the IRS on your behalf. It's sometimes possible to get a waiver on this from the IRS, however the application lead times are usually too long for most buyers and sellers to wait out. Most closing agents in the US are aware of this withholding requirement but if nobody mentions it at closing it would be in everyone's best interest for you to mention it. In the end it's not going to affect your net tax liability and will assure that at least some of the tax is paid in on your behalf. |
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