Serbinski Accounting Firms

[quote="nelsona"]The only reason that I was suggesting to sell this house, rather than convert it to a rental, was to absolutely ensure than none of your gains previous to moving to Canada would be taxable in US.
They already would not in Canada, because Canada only taxes gains made while a ...

[quote="nelsona"]You have up to 3 years to sell before the entire gain would be taxable in US. If you are a US citizen, you don't need to worry about FIRPTA. If you rent and sell within 3 years, you would only pay gains on the depreciation recapture. If you wait longer than 3 years you could see ...

[quote="nelsona"]Of course[/quote]

Thanks. Just like there is the additional FIRPTA tax for non-US residents while selling the house in the US, is there some additional tax that non-US residents (who own rental property in the US) need to pay for the rental income earned? To me seems like in the ...

[quote="nelsona"]Zillow would not be acceptable.[/quote]

OK. Incase, if i pay taxes in the US, I can get some amount of tax credit in Canada too right in the selling and renting scenarios?

[quote="nelsona"]Probably. But since it was so easy to get, why not just get one closer to your move date?[/quote]


I did it as a part of a loan process I was applying for, not specifically for this. Not sure whether the bank will do it if I say I want to do a desktop appraisal, but can try. Not ...

[quote="nelsona"]Yes. From Cdn point of view, this and all your investments are considered sold/bought on the day of your arrival, so you will need a solid FMV evaluation for future Cdn taxation.[/quote]

Today I went to the bank and got a desktop appraisal of the property. Not sure whether this ...

[quote="nelsona"]You have up to 3 years to sell before the entire gain would be taxable in US. If you are a US citizen, you don't need to worry about FIRPTA. If you rent and sell within 3 years, you would only pay gains on the depreciation recapture. If you wait longer than 3 years you could see ...

I need to move to Canada in a couple of months if I need to maintain my Canadian PR status. I currently own a home in the US. I realize that if I sell the house before moving to Canada, I don't have to pay taxes in the US on gain up to $500,000 (married), and don't need to worry about FIRPTA and ...