I'm a US citizen living in the UK. My spouse is not a "US person" for tax purposes.
What are the pros and cons of owning a home jointly, vs. just my spouse owning it?
If we own it jointly, and we eventually sell it for more than $500,000 profit, then we'll have to pay capital gains tax on my half of the profit (since the exemption is $250,000). If it's just her then no capital gains, since it's our primary residence.
On the other hand, presumably things will get trickier if one of us dies, is that right? And of course if we get divorced; but I am not worried about that happening.
Are there any other pros/cons I should be aware of?
What are the pros and cons of owning a home jointly, vs. just my spouse owning it?
If we own it jointly, and we eventually sell it for more than $500,000 profit, then we'll have to pay capital gains tax on my half of the profit (since the exemption is $250,000). If it's just her then no capital gains, since it's our primary residence.
On the other hand, presumably things will get trickier if one of us dies, is that right? And of course if we get divorced; but I am not worried about that happening.
Are there any other pros/cons I should be aware of?
Statistics: Posted by aaaxl — Sun Sep 08, 2024 1:28 pm — Replies 0 — Views 99