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Property in USA but living in the UK
fazrewards
Posts: 56 Forumite
Hi guys,
I have recently been given a property by a family memeber in America after another relative who previously owned the property past away.
The property is currently in another family members name but she wants to transfer it into my name. The property is in America with no outstanding debt currently.
The questions I have is currently as it is in another family members name and I am living in the UK with a house I already own, what would be first the process to getting this in my name? Also will there be any added fees/taxes I need to pay due to the property I currently have here in the UK. Is there any fees or anything to be aware of in the USA in relation to the household.
Finally as I would like to put this on rent, what would be the easiest process for that money to reach me in the UK.
Appreciate any feedback.
Thank You
I have recently been given a property by a family memeber in America after another relative who previously owned the property past away.
The property is currently in another family members name but she wants to transfer it into my name. The property is in America with no outstanding debt currently.
The questions I have is currently as it is in another family members name and I am living in the UK with a house I already own, what would be first the process to getting this in my name? Also will there be any added fees/taxes I need to pay due to the property I currently have here in the UK. Is there any fees or anything to be aware of in the USA in relation to the household.
Finally as I would like to put this on rent, what would be the easiest process for that money to reach me in the UK.
Appreciate any feedback.
Thank You
0
Comments
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I doubt the UK connection is all that relevant - you'd be best to seek advice on a forum which deals with the relevant US state.0
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fazrewards wrote: »...The questions I have is currently as it is in another family members name and I am living in the UK with a house I already own, what would be first the process to getting this in my name? ....
Find an attorney in the relevant state.fazrewards wrote: »...Also will there be any added fees/taxes I need to pay due to the property I currently have here in the UK......
Almost certainly. They will vary from state to state.fazrewards wrote: »... Is there any fees or anything to be aware of in the USA in relation to the household....
Property taxes. Most jurisdictions in the USA have 'em.fazrewards wrote: »...Finally as I would like to put this on rent, what would be the easiest process for that money to reach me in the UK....
You appoint a rental agent to rent it out. They can no doubt wire you the funds through the banking system.
You may have to register with the IRS and pay US income taxes as a non resident alien.0 -
You may also need to file a tax return here to declare any income from the property.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0
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