How will a sale of international property affect our taxes in the US? 1 Answers as of March 30, 2011

I am a US citizen and married my husband in May 2010. He is a citizen of the UK. He will be getting his green card in 1 month and will move to Fort Lauderdale with me. He owns a home in the UK valued at approx. 250,000 US Dollars. If we keep the house and rent it will we have to pay taxes on the home every year in both the UK and US. OR should we sell it ASAP (i.e. before he moves to the US)... would selling it soon allow us to avoid paying U.S. Capital Gains Tax? Basically, is it a better financial decision to keep the house and rent it out or sell it ASAP?

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Meyer & Yee, LLP
Meyer & Yee, LLP | Kent W. Meyer
You will be taxed on your worldwide income once he gets his greencard. If he sells before US residency he should only pay UK taxes if any.
Answer Applies to: California
Replied: 3/30/2011
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