Will we be (double) taxed on the sale of a UK property
Hello,
My husband is a UK citizen and legal resident of the US. I am a US citizen. He owns a property that has been rented out for several years in the UK. We would like to sell the UK property (which has increased in value) and use the money to buy a primary residence in the US. Do we have to pay UK taxes on the capital gain? Do we also have to pay US taxes on the capital gain? If so, is there some way to legally avoid these taxes? From what I understand, a 1031 exchange would not work because we are dealing with international property to US property. What about a structured sale annuity?
Thanks for any insight you can offer,
lizalita