Complex family situation we’re trying to decide what to do with – does anyone know about the implication of selling land in the USA?
Basically, we (parents and I) own some land in Maine. We’ve been approached to see if we want to sell it to a conservation charity – it’s untouched waterside woodland and they want to preserve it. Complication is that Mum and I are US citizens, Dad isn’t. Another complication is we’ve lived in the UK for 38-40 years and don’t pay US tax of fill out IR tax returns.
Mum especially is worried about the IR taking an interest. We’d have to pay capital gains tax presumably, but in the US or the UK, or both? Is it better to have the property in single ownership rather than joint?
My personal view is we should just sell it and tell the IR to go swivel if they ask, but that’s perhaps not the best strategy!
Cheers 😉