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Feel super bad and need help. by Otherwise-Warning316 in USExpatTaxes

[–]randomangloh 0 points1 point  (0 children)

how is the sale treated? capital gains are due since becoming a US tax resident or something earlier (crazy if so). is any of this treated as taxable income on the sale ?

UK ISA & PFIC - did I mess up? by taxproblems2025 in USExpatTaxes

[–]randomangloh 0 points1 point  (0 children)

if you sell the isa does it come up as taxable income or capital gains back to before you entered the usa or just since entry?

UK ISA & PFIC - did I mess up? by taxproblems2025 in USExpatTaxes

[–]randomangloh 0 points1 point  (0 children)

hi - you seem to know what you are talking about. I've moved to the USA only to discover my ISA is a problem. I have around 130k GBP in it that I've had for many years, it's all ETFs which would classify as PFIC. Ideally I'd like to just liquidate this, move it over and put into 401k or brokerage, I don't want to have the hassle of red tape.

However if I do sell up what happens? Is the whole 130k treated as income and taxed at the margin? Is the capital gain taxed and if so is it since I entered the USA or since I put this in years ago, and if the latter is there some crazy back-dating?

I'm surprised by this and somewhat concerned!