Capital Gain on selling house

slamarre · Post by **slamarre** » Mon Dec 05, 2005 9:57 pm

Hi,

We (family) will move to the US end of Feburary 2006.

Our house is on sale now.

If we sell our house here in Canada (Quebec) and we move in the US, does the capital gain from the transaction will have to be taxable?

I hope not because this capital gain will help us to buy a house in the US eventually.

Thanks.

nelsona · Post by **nelsona** » Tue Dec 06, 2005 8:06 am

Since it is your principal residence, it will not be taxable in canada, as long as you sell it within a year after moving to US.

If you sell it within 3 years of moving to US, the gains will not be taxable in US.

<i>nelsona non grata... and non pro</i>