Hi there,
I am hoping for some help from one of you experts out there!
I am willing to pay for the advice if necessary.
Basically I live in the UK, have been here 4 years on a work permit.
Will be married within the next year to a dual New Zealand / UK citizen.
I am a US citizen with no dual.
My fiance and I just bought a house in NZ for $482k (NZ dollars). Both of our names are on the mortgage, but we are trying to just get fiance's name on the title as I was unsure as to tax implications for US taxes.
Should I keep my name off the title? Does it matter?
Also, what are the implications of being on the mortgage? Will the IRS deem that I own half of it anyhow?
The last thing to complicate things is that my mother recently passed away. There is an estate, and some land in NC which we are planning to sell. The land (2 parcels) are both undeveloped (no houses on either) and they have not been lived on.
The estate will probably not be more than $50k to me, plus between $150k - $350k each for the 2 parcels of land, divided by 2 as there is my sister and I. so between $75 - $175 each on the land.
That will be well below the IHT thresholds in the US.
But I am just concerned that buying this property in New Zealand will affect my tax position, and basically don't want to put my name on anything until I know how it will affect me.
If this is more complicated than can be addressed on here, please pm me and we can arrange something.
Also, it would be good to know what your fees are.
Thank you ever so much,
Krs,
Katie
