US/CDN Taxes When Moving into Rental Property
Moderator: Mark T Serbinski CA CPA
US/CDN Taxes When Moving into Rental Property
We are in the US on H1, exp. Apr 06, but it likely that the NGO will fold, even as early as Dec. 05. We have an opportunity to buy my mother-in-law’s house in Vancouver, which is 50 years old and in dire need of renovating. We will buy it and renovate it this year, and rent it out. Up to that point I can figure out the US and Cdn withholding taxes and deductions. What will happen tax-wise if we move into the place in January 2006? We would have written off capital and operating expenses in the US tax return and taken depreciation, but would not need to file a 1040 for year 2006, and in Canada in 2006 the house would be our principal residence.