I bought a house in NYC in Nov'06 but was working in UK at the time,I didn't get a W-2,do i ned to file taxes?

Question

Previously, i was working for the company in New york up to Dec 05, but I was sent to the UK at the beginning of Jan 06,When i bought the house in Nov 06 in new york, I was working for the London UK branch of the company and on a UK payroll, therefore I never got my W2. Do I have to file my taxes, and if so how? Will I have to pay US taxes as I already pay UK taxes. P.s. Whats the deadline to file taxes for dec 06?

Answer 1

Ignore the fool at the top! Talk about CLUELESS!

If you are a US citizen or resident, your world-wide income is subject to US taxation. There is no way around that.

You may be able to exclude a portion of your Foriegn Earned Income from US taxes. Alternatively you can take a credit for the foreign income taxes paid against your US tax liability.

You must file a timely return to claim the Foreign Earned Income Tax Exclusion. The normal deadline is April 17 this year but you get an automatic 60 day extension of time to file if you are outside the US.

The rules and procedures are complex with some of these items. Here's a link to IRS Pub 54 which has the information that you need: http://www.irs.gov/pub/irs-pdf/p54.pdf

You may or may not get a W2 for your British income though you certainly DO get a tax statement from your British employer. P-22 if memory serves; it's been a while since I worked there so don't hold me to that.

The home purchase has no direct tax implications for 2006 unless you are renting it out during your absense or if it's a second home and you're paying mortgage interest on it. If you are, get a copy of IRS Pub 17 and read up on Schedule E for information on how to handle rentals and Schedule A for itemized deductions.

Answer 2

As a US citizen, you are subject to tax on all of your income, on a worldwide basis. So it doesn't matter where it is earned, or where you live, you are subject to US income tax on the money you earn. Naturally, since you are on the local UK payroll, they will not issue you a W-2. That does not absolve you from paying taxes on it.

If your tax home is outside the US for 2006, and you qualify under either the bonafide residence test or the physical presence test, then you can claim the foreign earned income exclusion for your income earned in the UK. If not, then the only way to offset the "double taxation" of your wages being taxed in the UK and in the US is to claim the foreign tax credit against your US taxes for the taxes you paid in the UK.

Answer 3

You shouldn't ahve to pay US taxes. Homeownership is not the premise for taxes, it is employment and where you paid your taxes during that time of employment. I would go to the IRS website and see if there are any forms to complete for US citizens working outside the US. www.irs.gov

Other than that, you should only owe taxes on your home in NY, which not a federal thing, it is something that will be sent by your county and if you have been paying taxes & insurance in escrows to your mortgage company, then they will take care of it.

Answer 4

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