I am a US Citizen living/working in Canada since February 2, 2006. I work for an aerospace company and was transferred for this position. My work permit has the remarks “Intra-Company Transfereeâ€on it.
I recently purchased two rental properties in Missouri. I was advised that I will be required to pay capital gains taxes to Canada when I move back to the US. Is this correct? If so how will the capital gains tax be calculated? I am concerned since I only paid $5000 for this property and then spent another $40,000 to completely remodel/rebuild the property.
I have an online stock market account that I use to purchase stocks in the US.
I am being told that I will be required to pay capital gains taxes on stocks/bonds/ that I have purchased while living in Canada when I move back to the US. Is this correct?
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- Wed Feb 03, 2010 4:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen living/working in Canada
- Replies: 3
- Views: 3119