Non-resident Canadian moving from US to Saudi Arabia
Moderator: Mark T Serbinski CA CPA
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- Posts: 3
- Joined: Mon Oct 08, 2007 3:55 pm
Non-resident Canadian moving from US to Saudi Arabia
Non-resident Canadian citizen residing in US for ~8 years (currently H1B). I have accepted a job in Saudi Arabia (direct employment) and am scheduled to start in November. I own a house in the US (purchased in 2004) which I would like to sell. Unfortunately market is not great so it will more than likely sell after I leave. What are the tax implications if A) I sell it in 2007 / after I leave, B) I sell it in 2008, then of course, C) it doesn't sell - I am considering leasing it (I have heard straight 30% tax on entire rent(!,?), or I can make a Section 871(d) election to treat rental as business (?)). Thank you for your advice.