As a Canadian owning a house, working in Canada and with family here I bought a Florida condo in June 2009 for US Dollars 85,000.
My questions are:
Since the equivalent Canadian Dollar amount at the CRA exchange rate as at Dec. 31, 2009 is less tha CAD100,000 I do not have to "check" the item "Do you own foreign property on my Canadian tax return for 2009?
I am a non-resident alien in the US (do not meet the substantial presence test) and have rented the condo. I do not plan to be a snowbird for the next 5 years till I retire. If I file 1040NR with the accompanying W7 request for an ITIN with property location details before June 15, 2010 what is the depreciation amount allowed?
Appreciate your help.
San Nathan
Canadian Citizen owning Florida Condo
Moderator: Mark T Serbinski CA CPA
Forida Condo
Found answers to my questions on the forum. Nelsona advising value of home at purchse date exchange rate and submission of 1040 NR and Schedule E.
However, under Schedule E depreciation can be taken over 27.5 years? Also Form 6198 is confusing to understand at risk assets and passive risk assets? Is this Form required and if yes, what are the two risk assets?
Thanks again.
However, under Schedule E depreciation can be taken over 27.5 years? Also Form 6198 is confusing to understand at risk assets and passive risk assets? Is this Form required and if yes, what are the two risk assets?
Thanks again.