Serbinski Accounting Firms

Thanks nelsona, much appreciated. So essentially if the house is sold in the 2nd yr, we will have to pay Canadian taxes, but no US taxes assuming it isn't rented out?

Thanks

Hi Nelson

Thanks for your response on taxes on house rentals. We have decided to sell the house instead and had two related questions. Again, I am not a US citizen, but am moving to the US and am a current Canadian PR.
1. What are the tax implications in Canada and US if I sell my home and then ...

Hi

We are currently Canadian PRs living in Canada. We own our home. We plan to relocate to the US permanently. If we choose to rent our home in Canada what are the tax implications ( canada as well as US) of doing so?

Thanks!

Also, I wanted to clarify a few things:

1. [quote]You would have to depreciate on 1040, but not necessarily on Cdn retrun. [/quote]
Could you please explain what this means to me? Why can/should I not depreciate on the Canadian return? And why do I [i]have[/i] to depreciate on the US return?

Also ...

Thanks nelson! My concern is whether this would turn out to be a good rental investment or whether I would barely break even after taxes. Any further information you can give me would be great. Thanks again for your prompt response.

I am a Canadian PR and a US H1B visa holder. I currently own a home in Canada, where I live now. I am interested in buying a property in the US and renting it out. I have been informed that my property taxes would be much higher in this case because I am not a resident of the US. I want to ...

Wow, thank you very much for your quick response. I still need to understand what a CREDIT on these taxes means. If I understand correctly, I can claim that I have paid these taxes in the US, and subtract an that amount from the final taxes payable to Canada. Is this correct? will I get a credit on ...

I apologize if this has been addressed before. I am a Canadian Permanent Resident living in Canada and commuting to the US, on H1. My company deducts US taxes from my paycheck including social security and medicare.

When filing my canadian taxes, can I deduct the amount paid towards social ...