Real Estate

You will remain tax resident until 5 April of the year you leave the UK.

From that day you will be not resident and not ordinarily resident.

If you sell an asset during your absence there will be no UK tax. However, if you return within 5 tax years, any gain will be taxable in your year of return (and any losses will be allowable in that year too).

You will be able to deduct the annual exemption from the gain in the year of return and the rate of tax on the rest is 18%.

This is the case if the property was not your main (or ‘principal’ residence).

If it was your main residence and you lived in it at any time, the last 3 years of ownership are exempt. So, if you lived in it until your departure and sell it within three years of leaving the UK, there will be no gain at all…even when you return.

If there was any period when you didn’t live in the property, the gain may not be fully exempt.

So the answer really depends on 2 things:

(1) Was the property your main residence, and
(2) If it was, how long did you actually live in it.

If your answer to the above is anything other than: it was my main residence and I lived in it until I left the UK and sold it within 3 years of leaving the UK, then you really should think about seeking further advice to calculate your gain.

Hope this helps.

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I can no longer afford my home in new jersey and it is for sale. i have priced the house at a reduced number. i am still current and have a new mortgage and job in florida. i am moving there next month. I cant afford both mortgages and if the house does not sell quickly, i will be unable to pay and thus will become delinquent.What can i do and can they come after my new house in florida?

Before choosing to go with the foreclosure, you should look into a few other options first. Refinancing is the option that most homeowners attempt first, but credit/income and tighter lending have precluded most homeowners from qualifying for a loan right now.

Either way, you should list the house on the market just on the off-chance someone wants to purchase it before the foreclosure goes through. You can also try to work with the lender for a short sale, where you’d sell the property for less than what you owe on it. At least it will pay off the loan and save your credit a bit.

If that doesn’t work, ask the lender about giving a deed in lieu of foreclosure. That works as just giving the property back to the bank, and they can’t go after anything else. They accept the deed instead of foreclosing or paying the loan, so there’s nothing else for them to go after. This is only slightly better than a foreclosure, but anything you can do to preserve your credit will help at this point.

It will depend on how the bank pursues the foreclosure if they can sue you for another judgment and go after any other assets. With just the foreclosure, though, they are not entitled to anything else. You pledged the house as collateral for the loan — not your car, 401(k), or prize racehorse. So all that they can take as payment for the loan is the house.

Look up California’s state foreclosure laws and consult your loan documents to determine what kind of foreclosure the bank can proceed with (Judicial or Non-Judicial). That will tell you if they can sue you afterwards and try to go after any other assets.

Banks rarely sue for deficiency judgments, though, since they know that foreclosure victims don’t have a lot of extra cash or even the ability to borrow any money. It costs the lender extra time to sue you and there’s no guarantee they’d be able to collect on the judgment, so most don’t bother with the judgment at all.

Hope that helps.

ForeclosureFish
http://www.foreclosurefish.com/…
Source(s):
Short sales: http://www.foreclosurefish.com/blog/inde…
Deed in lieu of foreclosure: http://www.foreclosurefish.com/deedinlie…
California foreclosure law: http://www.foreclosurefish.com/ca.htm…
Deficiency judgments: http://www.foreclosurefish.com/blog/inde

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The house is £400,000 and we are looking for tips on how to get it reduced substantially, thankyou all in advance.

veiw the house say you like the house and you will ring let them know. ring back up later and say sorry just to let you know ii wont be taking the house, they will ask why say you spoke to your bank manager and you can’t afford it so your buying a different house for 365,000. look for a house for sale on the net for 400,000 and say its that house your buying but your getting a deal ,they might offer you something simular

For pricing, floorplans & more visit http://www.homechanneltv.com/video.php?VIDEO_ID=23
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We are looking to move this Spring/Summer. I want to plant so it looks good for our house showing but don’t want to put that much money into it. I would like to save for planting at our new house. Any ideas on inexpensive but attractive flowers to plant would be appreciated.

I would buy the plants that you like, and want to take to your new home, sink them in the beds, in their pots, and then lift them and take them with you when you move – making sure that the buyer knows you intend to take them with you when you move, of course!!
Good luck!
Jx

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I sold my primary residence in 2006, for $125,000 and bought a new house for $205,000 in the same month. I used 75% of the profits from the sale ($30,000) as the down payment for the new place. My question is twofold. Do I have to pay taxes on the profit I made from the sale of my house, and secondly, can I deduct the improvements I made on that house, such as appliances, bathroom remodeling, etc.?

The profit from the sale of your primary residence is a Capital Gain, as long as you reinvested that in a new residence within 24 months it is not taxable. It doesn’t matter what down payment was. As to improvements in your old house, they are not deductible. Those were Capital Improvements and increase you basis. Lets say you purchased the house for $125,000 and remodeled your kitchen for $12,000, you now have a capital investment of $137,000 (repairs and maintenance are not capital improvements). This only becomes important if you are subject to tax on your capital gain.
You may want to talk to an accountant, even if the sale of your home is not taxable, it does have to be reported on your tax return.

( I DID SAY PRIMARY RESIDENCE NOT PROPERTY)