Hi, we are canadians, non residents (we filled out forms), working in US on H1B. We want to give our property as a gift to our parents. Would we need to pay any taxes ( or would they have to pay it)?
Thanks
canadian propery as a gift to parents - are there taxes?
Moderator: Mark T Serbinski CA CPA
Because you live in US 9and are thus a US resident for tax purposes) and gift you make to anyone is subject to GIFT TAX in the US.
Also, giving away Cdn property will trigger a disposition in Canada, based on the fair market value on the day you give. You might get some exemption based on how much time you lived in the house as your principal residence.
This is really viewed by both Canada and US as a "sale" of property, and then (by US) as a gift.
Also, giving away Cdn property will trigger a disposition in Canada, based on the fair market value on the day you give. You might get some exemption based on how much time you lived in the house as your principal residence.
This is really viewed by both Canada and US as a "sale" of property, and then (by US) as a gift.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 