Cincyscot55

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.

ian-mstm

You'll pay UK taxes on the sale of the property, but the proceeds from the sale should be tax-free in the US. I don't think you'll pay any US capital gains tax since the property is inherited and it's not something you purchased, but I'm not 100% sure about that.

Ian

nun

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.

Bob

And to the advice above, condolences on your loss and welcome to BE.