Jscl

My parents want to transfer a plot of land they own (in the UK) into my name. I won't be paying them for it, it'll just be a transfer of title.

Does anyone know if there are any US tax implications for this or know of a good place to look for info? I've tried the wikis and google and can't find anything that covers it.

sibby87

so where is the land? I assume in the US? And are you all from there?? I'm sure that will all make a difference....

Jscl

The land is in the UK and is currently owned by my British parents. I live in the US and am dual US/UK.

Bink

You should seek advice from a CPA/tax specialist on this.

My understanding, (I'm not a CPA/tax specialist btw!) is that if it doesn't create a taxable income, then it doesn't cause an issue. An example given on the IRS website is a piece of art. It doesn't generate income, therefore does not need to be declared. If it generates income through leasing it out, it would need to be declared.

Jscl

Thanks for your quick reply. Could you point me where to look for the IRS piece of art, lol? I was also thinking as it's essentially a gift (and will just sit there, not earning income) it shouldn't be taxable but I didn't know if any other factors are involved with having something of value (probably around GBP6,000) in my name overseas.

Jerseygirl

I think you will only be taxed if it generates income or if you sell it.

lansbury

If you ever came to sell I'm fairly sure you would pay tax on the profit. So it would be a good idea to keep records of any costs you incur owning the land.

Bob

Any assets aboard that are over $10K still has to be declared though, not just cash, even if tax isn't owed.

Jerseygirl

True and it's a total of $10K...not just any one item or account over $10K.

Jscl

Thanks, declared in what manner?

Giantaxe

Not true for non income-producing property.

http://foreignbankaccountamnesty.com...ncial-account/

Jscl

"a piece of old land" - that's exactly what it is! Thank you, that's just what I needed to read. Plus now I know what "declared" means - that IRS form referred to at the bottom of Sch B - so I can check that too.

Thanks all for the info.

Jerseygirl

http://www.irs.gov/businesses/small/...210249,00.html