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Hi
Anyone have the answer to this please.
If I live in the US (as a UK citizen) and have rental income from a property in the UK..
a. what is the US tax rate on the income?
b. which of these can be deducted from income? Management fees, property maintenance, insurance costs, payments on the uk mortgage for the property?
many thanks
Depending on your residency status in the US, it may not be taxable at all. You may want to visit then nearest UK consulate or embassy here to ask. Under the UK-US income tax treaty, if you are not a US citizen but would be treated as a resident of the US for income tax purposes, but at the same time would be considered a resident of the UK under its laws, and you have a permanent home in the UK, the treaty would override US tax law and the US would be limited to what the treaty says it can tax.
On the second part of your question, you can generally deduct all the items you listed. However, only the portion of the mortgage payments that constitute interest expense would be deductible.
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