Hi,
Has anyone used a US/UK expert for tax advice regarding decisions around US based inheritance? And if so, can you recommend anyone? I live in Cardiff, and will be inheriting half a house in California. I am looking for accurate advice on potential tax implications if I:
a) sell the house and bring my share of the estate back to the UK (my understanding is that I won't be taxed in the UK or US for this.)
b) sell the house and use some of the money to purchase a house (which I would then rent to my Aunt at a very affordable rate) in Texas. I would probably keep the money in TX to cover any repairs needed for the house. She is in her late 60's, and I wouldn't plan to sell the house till after she passed.
c) rent the house in California. Again - not sure what the tax implications of this would be - and if it would matter if I kept the money in the US or brought it back to the UK.
I am US born, and became a dual national around 2010. I am married to a Brit and we have a dual national child (age 6), who was born in the UK.
Any advice/suggestions would be gratefully received.