This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
We are US citizens in the process of purchasing a vacation condo in Montreal and were wondering if GST & PST (sales tax) on the condo purchase we deductible on our US Income Tax if we chose the option to deduct state and local sales taxes instead of state and local income taxes.
Scot, the GST/PST can however be added to the purchase price of the property in Canada to increase your adjusted cost base (ACB); which will lower any potential capital gains tax on the eventual sale of the property.
