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My father passed in March 2019 and he owned 2 rental
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My wife and I live in the USA. My wife, a UK citizen and green card holder in the U.S., sold a house in London UK in October, 2019 that was co-owned by her and her sister. The house was originally her mother's, who deeded it to my wife & her sister in 2006. The house was originally purchased by her parents in 1958.When the house sold in 2019, the proceeds were placed into a trust in the UK to pay for her mother's care as she was in a care home. Her mother recently passed and the remaining money is currently in two separate interest bearing funds in the UK that was used to pay for the care of her mother. We paid capital gains tax on the house sale in the UK in December, 2019 based on British tax law (expat sale of UK owned property), but did not receive any monies from the sale & thereby no benefit in the U.S. at that time.In the near future, the remaining money will be divided 50/50 between my wife and her sister. My question is do we owe any capital gains tax in the U.S. and if so, what rate would apply? Our income level is in the 0% bracket for capital gains, but real estate transactions may be different based on my limited research.… read more
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My father died in l974. In his will he left 1/3 of his ...
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I inherited my mothers house when she passed away. my ...
I inherited my mother's house when she passed away. my name was also on the deed.What is the cheapest way to file this? Beverly delaney [email protected]… read more
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