I have an iTunes UK account but also reside in US. do i need two separate accounts?

i have an iTunes UK account but also reside in US. do i need two separate accounts?

If you are not here in the UK then you cannot use the UK store - being in a country is part of the store's terms, if you aren't in the country then Apple could potentially permanently disable the account. Whilst you are in the US you can only buy and download (and potentially redownload) from the US store.
You shouldn't lose any of your downloaded content from your iTunes library when changing country, it should only stop it from appearing in the cloud for redownloading. If that is what you mean, that it no longer shows in the cloud, then have you not got a copy of all of your downloads on your computer and on a backup - any item could be removed from the store at any time, so even if you don't move countries there is no guarantee of being able to redownload an item.

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