This is helpful, thank you. Re selling a house at a discount - could we use the lifetime gift tax exemption? The difference between the sale price and FMV would be about $75,000.
Depreciation recapture is not something I'd ever heard of, so I'll look into this. We are extremely reluctant landlords and only accepted the house for difficult family reasons. I think I'll need to ask more questions on this in due course.
Thankfully, the UK tax implications seem less complicated.