Hi,
I am in a strange situation where i bought us property in 2006 while living and paying tax as an Australian tax resident.
I am now living and paying income tax in the UK as a resident in the UK.
The property has devalued and I am now at a point where I am looking to sell it.
My question is if I sell my US property now, as a UK tax resident, having purchased it while living and paying taxes in Australia, can I claim the capital loss against future capital gains? If so which country would the future capital gains be offset in?
Your help would be much appreciated.
Tex
I am in a strange situation where i bought us property in 2006 while living and paying tax as an Australian tax resident.
I am now living and paying income tax in the UK as a resident in the UK.
The property has devalued and I am now at a point where I am looking to sell it.
My question is if I sell my US property now, as a UK tax resident, having purchased it while living and paying taxes in Australia, can I claim the capital loss against future capital gains? If so which country would the future capital gains be offset in?
Your help would be much appreciated.
Tex