1031 Exchange when selling an international property for Expats
Hello all
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?
Many thanks in advance
Liz
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.