Hi folks

Can anyone help me with the following question? I have just moved to the US from the UK, where I have sold my house in preparation for buying one here. I have transferred just over $75K in equity from the house sale to my account in the US. I'm pretty sure I don't have to pay any tax on this gain in the UK but what about the US? Should I keep some money aside for the IRS or can I sink it all into my new home?

Thanks for any help anyone can give

Bill in Alabama

Bill:

Assuming you are a U.S. citizen, your $75K gain is tax exempt provided you live in AND owned the house for two of the last five years.

If you need professional help preparing your return, please consider using my services. You will find my rates extremely competitve. Contact me at dpmtax@<hidden> if you are interested! I have references from clients who are people just like you.

Thanks ATE, and yes I am. I've made a note of your email address also.

Bill

Glad to help!