Selling parents property in UK
#1
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Joined: Feb 2012
Posts: 11
Selling parents property in UK
I have inherited my fathers house in the UK. We have been in the states six years and green card holders for three years. At a high level what are tax implications in the UK & US of selling this property. gross proceeds would be approx $200,000.
#2
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Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Selling parents property in UK
Ian
#3
Re: Selling parents property in UK
The executors will pay any UK tax due out of the estate, but $200k is below the UK inheritance tax threshold. There will be no US tax due, but if the amount is over $100k you'll have to file a IRS 3250 and if you hold any of the money in a UK account that you have signature authority over you'll have to file FBAR and FATCA.
#4
Re: Selling parents property in UK
And to the advice above, condolences on your loss and welcome to BE.