Search found 45 matches
- Tue May 02, 2006 1:03 am
- Forum: Canada / United States Tax & Accounting
- Topic: FIRPTA
- Replies: 1
- Views: 1858
FIRPTA
Friends of mine is moving back to Canada this year and they are selling their house in the US. They have been residents of California for several years. Their real estate agent wants to withhold 10% of thier gain according to the FIRPTA rule. That the first time I hear about this rule and it looks t...
- Fri Jan 20, 2006 5:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Selling rental property in Canada
- Replies: 5
- Views: 3444
You do realize that it is not simple to keep a GC when living outside US. I know, I read about it on this forum. Since we are not planning to keep a house here, I don't think we'll try to keep the green card. If we drop the GC before the end of the year, do we still have to file a full 1040 for 200...
- Fri Jan 20, 2006 8:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: Selling rental property in Canada
- Replies: 5
- Views: 3444
We received our green card last year, will we have to file for a full-year 1040 for 2006 ?nelsona wrote: If your sale has to be reported on 1040 (which it definitely would be if you sold before leaving US, OR of you elect to file a full-year 1040 in the year you sold it OR if you have become a US citizen)
- Fri Jan 20, 2006 7:13 am
- Forum: Canada / United States Tax & Accounting
- Topic: Selling rental property in Canada
- Replies: 5
- Views: 3444
Selling rental property in Canada
We have been in the US for several years now (9) and we are planning to move back to Canada this year in July. We want to sell this rental property we have in Canada, but when ? Is there a different tax treatment on the gain if we sell one week after our return or after three months, or a year ? Is ...
- Tue Nov 22, 2005 1:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: AMT credit
- Replies: 5
- Views: 3995
- Tue Nov 22, 2005 1:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: AMT credit
- Replies: 5
- Views: 3995
- Tue Nov 22, 2005 10:57 am
- Forum: Canada / United States Tax & Accounting
- Topic: AMT credit
- Replies: 5
- Views: 3995
AMT credit
Last year I had to pay a lot of AMT in the US because I decided to exercise my company options. For my 2005 taxes I will get some of it back, but not everything. In 2006, we are planning to go back to Canada and I believe I will lose the remaining of my credit. But, since we have the green card, can...
- Mon Oct 10, 2005 11:14 am
- Forum: Canada / United States Tax & Accounting
- Topic: selling inherited house
- Replies: 5
- Views: 4036
- Sun Oct 09, 2005 9:06 am
- Forum: Canada / United States Tax & Accounting
- Topic: selling inherited house
- Replies: 5
- Views: 4036
About withholding taxes on the rental income, we have another rental property in Canada and we do that. But for my wife inheritance, she and her brother agreed to leave all incomes and expenses of the house to him. Meaning that he takes care of it and my wife doesn't report anything. She did that ma...
- Sat Oct 08, 2005 8:44 am
- Forum: Canada / United States Tax & Accounting
- Topic: selling inherited house
- Replies: 5
- Views: 4036
selling inherited house
My wife and I have been residents of the US for several years now. A couple of years ago my wife and her brother inherited their father's house in Canada. It's a duplex where her brother lives now and they rent the top unit. Soon or later my wife will sell her 50% of the house to her brother. He wan...
- Wed Sep 28, 2005 9:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: renting house to family
- Replies: 1
- Views: 2009
renting house to family
I was reading a previous post about cutting ties with Canada and I would like to know if the same rules would apply in my situation. The previous post says that if somebody owns a house in Canada, then move to the US, he/she must sell or rent that house to cut ties. If he/she decides to rent, it mus...
- Tue Mar 01, 2005 10:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is USA's AMT credit transferable to Canada ?
- Replies: 9
- Views: 9025
What about this situation: Let's say I have more options in my company that are still available to me. When I'll quit my job (to move back to Canada), I will have 90 days to purchase them (or I lose them). What if I wait to be back in Canada to do a same day exercise-sell ??? If I was still in the U...
- Tue Mar 01, 2005 8:19 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is USA's AMT credit transferable to Canada ?
- Replies: 9
- Views: 9025
- Tue Mar 01, 2005 7:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is USA's AMT credit transferable to Canada ?
- Replies: 9
- Views: 9025
- Thu Feb 24, 2005 1:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Is USA's AMT credit transferable to Canada ?
- Replies: 9
- Views: 9025
Is USA's AMT credit transferable to Canada ?
In 2004 I purchased several incentive stock options (ISO) in the company where I work in the US. This means that I will have to pay a good amount of AMT for 2004. Over the coming years, I will be able to claim most of this AMT back as a credit (probably a small amount every year). My question is: Wh...