Canadian Vacation Condo - What's Deductible on US Income Tax
Moderator: Mark T Serbinski CA CPA
Canadian Vacation Condo - What's Deductible on US Income Tax
We are US citizens in the process of purchasing a vacation condo in Montreal and were wondering if GST & PST (sales tax) and Quebec Welcome Tax (land-transfer tax) are deductible on US Income Tax.
Unless the property is a rental income property, the land transfer taxes are NOT deductible on 1040. They are instead added to the cost basis of your property, for determining future gains.
same for the sales tax.
same for the sales tax.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Re: Canadian Vacation Condo - What's Deductible on US Income Tax
Hello there,
At Vacation Condos, our goal is to make your dream vacation a reality. Every year, thousands of families are planning and saving for the perfect vacation condo rentals. Often, they have to sacrifice quality or cut their trip short because of the high cost of vacationing in popular destinations. At the same time, vacation condo and timeshare owners are paying the fees on a vacation week that they are unable to use.
At Vacation Condos, our goal is to make your dream vacation a reality. Every year, thousands of families are planning and saving for the perfect vacation condo rentals. Often, they have to sacrifice quality or cut their trip short because of the high cost of vacationing in popular destinations. At the same time, vacation condo and timeshare owners are paying the fees on a vacation week that they are unable to use.