jewelwing
Joined: 10/18/2023
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CGT on LLC Dissolution
My husband and I live in the UK and hold rental properties within an LLC in the US. The LLC is in the process of being dissolved. My understanding is that the resulting distribution will be a capital gain rather than a dividend. On which form is this CGT reported, and can the base cost be deducted? Thank you. -
Tax on Disposal of Asset owned by LLC in USA
My husband and I are both resident for tax purposes in the UK. He is American and I have dual citizenship. We moved to the UK from the US in 2017. We incorporated our LLC as a partnership in 2014 and it holds active rental properties. We are currently taxed at the dividend rate on distributions we take from the LLC (whether they stay in the US or are remitted to the UK). If we wish to sell one of the properties, how will this be taxed in the UK? Thanks for your help.