Lady Di

As an English American I, (and my UK brother) will inherit the UK family home, but wondering about the legality of it all. Can I hold UK property under my name or jointly?

I'm on a learning curve here - Anyone got a good legal and taxation-consulting firm for individuals residing in the US? Or even any websites or books that would help?

Cheers Mate

Elvira

I don't think there's an issue holding a property in the UK, but there would be capital gains headaches if you ever come to sell it.

The Tax forum at UK-Yankees has some knowledgeable and helpful UK-based US accountants - I would post there.

penguinsix

Second the recommendation for UK Yankee. They have a tax board there and many who have probably been in a similar situation.

I've seen many recommend that if the owner is still with you, you may consider revising the title of the property to add you and the other future owners names to the deed, but check with some professionals first.

JAJ

It's legal. Would the plan be to keep the home, or sell it?

There may be inheritance tax on the estate, but the U.S. does not tax you on the receipt. For future capital gains tax purposes, check what the deemed acqusition cost of the asset would be.

If the asset produces income, you need to declare it for U.S. tax, with credit for any U.K. tax.