What are the US taxation rates for captial gains from foreign investments?
Posted by admin on 16 Jul 2008 9:12 am. Filed under United States.
twlustax asked:
I am a US Permanent Resident. I own approximately 12% of a UK based partnership which owns 6 overseas offices. I have been an equity partner for 3 years. The partnership is valued between £8,000,000 and £10,000,000. Should we sell the company, what US captial gains tax liability might I have? I can’t seem to get a straight answer on this from my accountant.
I am a US Permanent Resident. I own approximately 12% of a UK based partnership which owns 6 overseas offices. I have been an equity partner for 3 years. The partnership is valued between £8,000,000 and £10,000,000. Should we sell the company, what US captial gains tax liability might I have? I can’t seem to get a straight answer on this from my accountant.
On July 16th, 2008 at 9:11 pm
Just enter it on schedule D. The rate, of 15% or less (if you have held it for at least a year), will depend on your total taxable income. You’ll be able to claim a tax credit, on form 1040 back side, for any UK taxes paid on this gain.
On July 20th, 2008 at 8:42 am
being a “permanent resident” is not the same as being a U.S. citizen. If you are a U.S. citizen any income you have anywhere in the world is subject to U.S. income tax,, except for some of those guys driving trucks in Iraq,, etc. If you are a citizen of another country living in the U.S., only the income you make from U.S. source is taxable in U.S.
First thing tomorrow,, start looking for a new accountant.