Serbinski Accounting Firms

Thank you, nelsona By loss on the mortgage I mean that when I took mortgage loan Canadian dollar was much cheaper then when I repaid mortgage on the date of sale. So, in US$ I repaid 207k mortgage loan with 270k what make a loss of $63k. Could this loss of US$63k be deductible against Capital Gain o...

Hello, Four years ago I bought my house in Canada. At that time I was a resident of Canada and the house was my principal residence. Then I moved to USA and rented out my house. Now, being a resident of USA and a non-resident of Canada, I have sold my house. I have a capital gain because of increasi...

Nope I'm not.
I'm just reading the IRS instructions :D

[quote]You will see that as long as you, not a corporation, own the property, do not have some weird mortgage that you can't foreclosed on[/quote] Hi Nelsona, Do you mean that I can be considered at risk for qualified nonrecourse financing secured by real property used in the activity of holding rea...

Hello! I’m trying to fill in US Tax Schedule E. And I have a question about at-risk rules. I’m leasing my house back in Canada and have rental loss from it. But in order to fill in line 22 of Schedule E I have to determine if I’m at risk or not. And I confused as I cannot understand what is th...