Hello nelsona, here is my little story ...
-Canadian citizen, came to the US on an H1B in February 2012
-I have: RRSP, TFSA, credit card, bank account, trading account, an apartment
-My mom has added my name to her bank account
-My mom has paid towards the repair and mortgage of the apartment
-I have not changed my address with any organization other than CRA which I did a few months ago
(1) I assume I am a US resident for tax purposes, is that correct?
Problem
The apartment was rented out for the first time in 2012. The cheques are written to my mom.
(2) Who should claim/report the income? My mom or me?
(3) If I should claim/report it, how would I go about doing that?
Thank you very much in advance for your help.
Rental apartment in Canada, working in the US
Moderator: Mark T Serbinski CA CPA
1) YOU WOULD BE
2)Who is the registered owner, you Mom as you are a non resident could simply be your agent in Canada. You are suppose to be holding back 25% of the gross rent sending it to CRA then filing a sec 216 return in Canada.
3) File teh rental income on your 1040 and claim back the actual tax you paid to CRA as a foreign tax credit
2)Who is the registered owner, you Mom as you are a non resident could simply be your agent in Canada. You are suppose to be holding back 25% of the gross rent sending it to CRA then filing a sec 216 return in Canada.
3) File teh rental income on your 1040 and claim back the actual tax you paid to CRA as a foreign tax credit
JG