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Topic: Recommendations for US/UK Tax expert for inheritance decisions  (Read 754 times)

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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.


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Re: Recommendations for US/UK Tax expert for inheritance decisions
« Reply #1 on: May 17, 2018, 09:45:56 PM »
Is there (just possibly) a California Living Trust? [This makes UK tax crazily more complicated.]


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Re: Recommendations for US/UK Tax expert for inheritance decisions
« Reply #2 on: May 18, 2018, 04:06:01 PM »
I am watching this thread as I have a similar situation

Why do you think this:

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.)

If you have a capital gain (difference between value at date of death and the sale price) then you would pay tax on it ....



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Re: Recommendations for US/UK Tax expert for inheritance decisions
« Reply #3 on: May 21, 2018, 11:01:24 PM »
@Moggy May - My understanding is that the gain will be below the threshold call for capital gains tax in the US.

@Guya. I'll look into that, but I don't think so.


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