Hi,
Wife and I have rental ( in canada) owned by both of us (USA residents), although I have always claimed income. Would like her to claim income from now on an future
Capital gains. It looks like I should get appraisal and claim cap gains and Cca recapture on FMV at time of transfer - in canada. For USA there is no tax implications when transferring house to spouse which is nice.
Do I have to show/keep record of a payment going from wife to me for the house?
It looks like t776 calcs the Cca recapture and schedule 3 is for cap gains?
Thanks
Cap gains on transfer to spouse
Moderator: Mark T Serbinski CA CPA
Be wary of non-resident disposition. You need to comply with T2062A.
having US view this as non-event is not the best situation, as you are creating Cdn tx without comparable US tax, for foreign tax creit purposes.
having US view this as non-event is not the best situation, as you are creating Cdn tx without comparable US tax, for foreign tax creit purposes.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
A disposition is a disposition. If you are going to try and take credit for selling your portion, and pay cap gains, then you are a non-resident selling Cdn property. If not, then its a non-event all around.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing