Hello
Guest

Sponsored Links


Topic: Sold my dads house - splitting proceeds  (Read 1502 times)

0 Members and 1 Guest are viewing this topic.

  • *
  • Posts: 1212

  • Liked: 239
  • Joined: Mar 2018
  • Location: Scotland
Sold my dads house - splitting proceeds
« on: June 26, 2019, 08:57:00 PM »
So, finally sold my dad’s house. Since I am executrix of his estate, they’re sending me the check for the proceeds.  In his will he wanted me and my sister to split the title (which we never had since he had a mortgage on it).

I am going to split the money from the sale three ways. One for me, my sister and his widow (my stepmom). I am having my mother deposit the check into my bank in the states. I know it will be held for about a week before I can touch it.

What’s the easiest way to get my sister and step mom a check for their share? My mom is on my account there so can she just tell them the names and amounts?
UK Spouse Visa (Priority)
Approved: 1 May 2018

FLR(M) Standard
Approved: 16 June 2021

ILR (SET M) Super Priority
Approved: 29 August 2023


  • *
  • Posts: 18235

  • Liked: 4985
  • Joined: Jun 2012
  • Location: Wokingham
Re: Sold my dads house - splitting proceeds
« Reply #1 on: June 26, 2019, 09:58:38 PM »
As your mom is on your account, just give her the details and have her send along.  Very kind of you to split with the step mother.  Big hugs too.  I know this has been a difficult process!


  • *
  • Posts: 1212

  • Liked: 239
  • Joined: Mar 2018
  • Location: Scotland
Re: Sold my dads house - splitting proceeds
« Reply #2 on: June 26, 2019, 10:10:14 PM »
Thank you @KFdancer

She took care of him the 8 years they were married. I wouldn't feel right keeping more than my share.

Honestly if I didn't have a ton of credit card debt to still pay off from nursing school, I wouldn't have kept more than what we need for visa fees in 2021.

UK Spouse Visa (Priority)
Approved: 1 May 2018

FLR(M) Standard
Approved: 16 June 2021

ILR (SET M) Super Priority
Approved: 29 August 2023


  • *
  • Posts: 2606

  • Liked: 102
  • Joined: Dec 2005
Re: Sold my dads house - splitting proceeds
« Reply #3 on: July 16, 2019, 09:56:20 PM »
If the payments to mother and sister are not under the Will, they are gifts requiring you to file a US gift tax return for 2019.  Don't overlook in the UK that you may need to report any gain on the sale of the property to HMRC on your self-assessment tax return.  The fall in Sterling will magnify any gain.


  • *
  • Posts: 1212

  • Liked: 239
  • Joined: Mar 2018
  • Location: Scotland
Re: Sold my dads house - splitting proceeds
« Reply #4 on: July 16, 2019, 10:04:52 PM »
If the payments to mother and sister are not under the Will, they are gifts requiring you to file a US gift tax return for 2019.  Don't overlook in the UK that you may need to report any gain on the sale of the property to HMRC on your self-assessment tax return.  The fall in Sterling will magnify any gain.

He had in the will for my sister and I to split the title which we didn't have since he took out another mortgage. I've consulted with a CPA and he said I won't have to claim it. The house sold for less than it was worth by over 3000 USD.

None of the money from the sale is being deposited into my UK account. So I should be good on that hopefully.

He did have a savings account that is being closed out so I know that will have to be claimed for 2019 US taxes at least.
UK Spouse Visa (Priority)
Approved: 1 May 2018

FLR(M) Standard
Approved: 16 June 2021

ILR (SET M) Super Priority
Approved: 29 August 2023


Sponsored Links





 

coloured_drab