Search found 3 matches
- Fri Jul 17, 2020 9:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Dual citizen (USA resident) owning condo/townhouse in Canada
- Replies: 13
- Views: 5097
Re: Dual citizen (USA resident) owning condo/townhouse in Canada
"Full responsibility" as in my Canadian partner will be collecting and reporting ALL the rental income and expenses to the CRA. I'm simply a co-owner by name of the condo in Canada. If that is the case, do I still report the rental income to the IRS?
- Wed Jul 15, 2020 8:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Dual citizen (USA resident) owning condo/townhouse in Canada
- Replies: 13
- Views: 5097
Re: Dual citizen (USA resident) owning condo/townhouse in Canada
If I am a co-owner of a condo in Canada and my Canadian partner is taking full responsibility of rental income and expenses, do I need to report this in my US taxes? I'm a US resident with a green card, but purchased the condo when I was living in Canada.
- Wed Jul 15, 2020 8:18 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Dissolve Canadian corporation before moving to the US?
- Replies: 2
- Views: 1462
Dissolve Canadian corporation before moving to the US?
I'm moving to the US in the next few months and I'm the sole owner of an IT consulting CCPC with under $400k in assets/earnings. I was advised to cash out all my assets through dividends prior to leaving the country to avoid a departure tax. If I were to do that, should I consider dissolving my corp...