I'm a dual citizen of UK and US and live in NYC. I have an investment property in UK that I want to sell. I believe that one is able to do an international 1031 exchange to defer tax ie: sell the UK property and purchase a similar property in the UK.
Has anyone experience of this or know any international tax specialist that can help me please?
Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
4y
Hi Liz,
I'm neither American nor a tax specialist but, as far as I know, you are correct but as far as US taxes are concerned. Unless there is a similar scheme in the UK (which I don't know there is), you'll however owe taxes in the UK irrespective of the fact that you're a US resident because that's where the property is located.
You might want to check with a UK tax advisor and, if applicable, a US tax advisor as well.