Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Selling parents property in UK

Selling parents property in UK

Old Feb 20th 2012, 3:57 pm
  #1  
Just Joined
Thread Starter
 
Joined: Feb 2012
Posts: 11
Cincyscot55 is an unknown quantity at this point
Default 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.
Cincyscot55 is offline  
Old Feb 20th 2012, 4:32 pm
  #2  
Account Closed
 
Joined: Aug 2002
Location: Kentucky
Posts: 38,867
ian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond reputeian-mstm has a reputation beyond repute
Default Re: Selling parents property in UK

Originally Posted by Cincyscot55 View Post
At a high level what are tax implications in the UK & US of selling this property. gross proceeds would be approx $200,000.
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
ian-mstm is offline  
Old Feb 21st 2012, 11:53 am
  #3  
nun
BE Forum Addict
 
nun's Avatar
 
Joined: Aug 2004
Posts: 4,722
nun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond reputenun has a reputation beyond repute
Default 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.
nun is offline  
Old Feb 21st 2012, 4:30 pm
  #4  
Bob
BE Site Lead
 
Bob's Avatar
 
Joined: Aug 2004
Location: MA, USA
Posts: 91,719
Bob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond repute
Default Re: Selling parents property in UK

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

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.