Advice on selling/renting a property in UK from the US...

topgoalscorer

Hi all, this has always been an amazing resource! Thank you to all contributors! 

My wife and I have been living in the US for over a decade and plan to stay here long term.

We have a property in the UK that we are currently renting, and we are considering selling it. We are exploring a couple of options and would like to know if anyone can provide any guidance:

Assuming the property is sold for £400,000 - what the capital gains tax on this might look like
How best to 'move' the money to the US

Alternatively, we keep the property and continue to rent it, what the tax implications might be of doing this, assuming a monthly income of £1300.

We have a small mortgage on the property and play to pay that off in a lump sum. 

Thank you in advance! 

TGS
 

dimbo61

You have Two lots of Taxation to consider.
I am sure the IRS in USA will be interested in Income your receiving from the UK.
HMRC will also want a Tax return for your Rental Income ( Not rental profit )
Do you use an accountant ?
I have No idea about the rates of tax you pay in the USA and how getting income from the UK would effect this.
I also have No idea if selling now and paying the CGT is a good idea or not because we know Nothing about your circumstances !
One for Mystic Meg and her crystal ball.

topgoalscorer

Yes, we file and both.

Is there any on the forum that has done something similar?