Selling my house in the Uk
#1
Just Joined
Thread Starter
Joined: Mar 2018
Posts: 1
Selling my house in the Uk
Hello,
I hold a green card and am married to an American, here in Chicago. I am selling our apartment in the UK which we have rented out for 8 years or so. It is our only UKproperty and is in joint names. We will receive the moneys in about a month. I want to leave it in a joint savings account in the UK for a year, maybe more. Any suggestions on suitable accounts to look at, where we can have an US address and hold an account in our joint names in the UK.
My sister suggested a tesco savings account?
Any help would be much appreciated.
I hold a green card and am married to an American, here in Chicago. I am selling our apartment in the UK which we have rented out for 8 years or so. It is our only UKproperty and is in joint names. We will receive the moneys in about a month. I want to leave it in a joint savings account in the UK for a year, maybe more. Any suggestions on suitable accounts to look at, where we can have an US address and hold an account in our joint names in the UK.
My sister suggested a tesco savings account?
Any help would be much appreciated.
#2
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,132
Re: Selling my house in the Uk
Hello,
I hold a green card and am married to an American, here in Chicago. I am selling our apartment in the UK which we have rented out for 8 years or so. It is our only UKproperty and is in joint names. We will receive the moneys in about a month. I want to leave it in a joint savings account in the UK for a year, maybe more. Any suggestions on suitable accounts to look at, where we can have an US address and hold an account in our joint names in the UK.
My sister suggested a tesco savings account?
Any help would be much appreciated.
I hold a green card and am married to an American, here in Chicago. I am selling our apartment in the UK which we have rented out for 8 years or so. It is our only UKproperty and is in joint names. We will receive the moneys in about a month. I want to leave it in a joint savings account in the UK for a year, maybe more. Any suggestions on suitable accounts to look at, where we can have an US address and hold an account in our joint names in the UK.
My sister suggested a tesco savings account?
Any help would be much appreciated.
#3
BE Enthusiast
Joined: Nov 2012
Posts: 899
Re: Selling my house in the Uk
You may owe UK CGT on the gain plus more importantly US tax on:
1. The gain in value
2. Recapture of allowable depreciation
3. Foreign currency gain on repaying a UK mortgage.
You'll need cash in US dollars to pay to the IRS.
1. The gain in value
2. Recapture of allowable depreciation
3. Foreign currency gain on repaying a UK mortgage.
You'll need cash in US dollars to pay to the IRS.