Dual Citizen - selling and moving to Canada

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marsecar
Posts: 1
Joined: Mon Jul 31, 2017 6:57 pm
Location: seattle

Dual Citizen - selling and moving to Canada

Post by marsecar »

Overview
Current resident of Seattle WA, Age 54; single parent; empty nester (2 kids in Univ)
Citizenship - American and Canadian (became Canadian after 9 years living in Vancouver)
Home Ownership - 1. Primary Seattle home (Paid $610,000 (2014); owe $350,000) 2. Investment Seattle Home (Purchased 10/2016) Paid $845,000; owe $650,000) - currently rented at $3000/month.
Profession - Digital Marketing Manager - Financial Services company in Seattle WA earning $96,000/year +15% bonus annual.
My last child will be heading to college next year and my plan is to split my time between Seattle and Vancouver with the long term goal to live full time in Vancouver. I will plan to keep my current job driving down to Seattle Mon-Thursday to work and returning to Vancouver for long weekends.

Scenarios

Option 1: Rent out my primary home in Seattle and rent a home in Vancouver for the short term, thus allowing both of my current properties to continue to grow in value. Double digit growth is forecasted. Rent a room in Seattle for the days I am in Seattle working. Continue to declare my residency in the US.

Concern: Will have to pay Captial Gains Tax as I can't roll the profit from the sale into my new home in Vancouver since it is out of country.

Option 2: Sell both properties and buy a home in Vancouver now?

Concern: Will miss out on further property value growth in current properties.

Would you be able to steer me in the right direction as to what would be the most efficient and economical option as I plan ahead?
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