Serbinski Accounting Firms

Nelson and JG, will there still be nonqualified use, if I stay in the house for 5 years before selling it or stay for 2 yrs and rent i t for 1 yr and sell? Thanks a lot for your help.

JGCA, when you say that the it's not a crossborder but a domestic calculation, are you saying that the since my property is in cnd this amendment (HERA 2008) does not apply to my concern on US cap gain? Sorry if I kinda slow in understanding this. By the way, I was not able to apply (to irsin 2007 ...

Is there a way to claim 100% exemption on US capital gain other than giving up GC status?

So, does this mean that if I sell the property in 2014, 6 (2007 - 2012 rented out portion) / 12 (2002 - 2014 ownership) or 50% of the capital gain is taxable?

Thanks for the responses.

Lastly, does this amendment have any impact on my situation?

"The Housing and Economic Recovery Act of 2008 amends Section 121 of the Internal Revenue Code. Section 121 no longer permits homeowners to take the full tax-free exclusion on the sale of real property that was ...

Owned a principal residence in Cnd since 2002 and relocated to US in 2006 and rented out the house. We are now planning to move back to Cnd but maintain our GC status and live in the house at least 2 yrs before buying a new house. Will my cap gain be 100% excluded from US income tax? Do I have a ...