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.

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

Bill

Glad to help!