Cross Border Tax Advice

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

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cj.singh
Posts: 1
Joined: Wed Jul 13, 2005 11:12 pm

Cross Border Tax Advice

Post by cj.singh »

Hi:
I have some questions for you regarding a tax situation. If you can kindly throw some light on this subject or in case if you

are not familiar with the subject then point me to someone, I would really appreciate it.
I am a citizen of India living n the U.S. I think (not sure yet) that in about 9 - 12 months I would be moving to Canada as a

permanent resident. But at this time I want to invest in real estate in United States by buying a single family home and

putting it on rent.I want to understand what would be my tax situation for following:
1. Tax on rent in the year that I leave U.S.
2. Tax on rent in the years after that.
I am considering the two distinctly because in case 1 I would be filing income tax return in U.S anyhow because I was working

here.
3. Tax when selling the property in case I sell it in the year that I leave U.S?
4. Tax when selling the propoerty in any year after that?
5. Do I get a tax deduction in Canada on the interest part of the mortgage deduction for my property in U.S? Or can I deduct

that in the U.S tax return? In the latter case if the interest is higher than the rent, what to do?

Also is it useful/advisable or necessary to have an agent present in U.S after I move out of here?

I appreciate your time and look forward to your response.

Based on your intial advice I would be more than happy to pay for your services and ongoing help in cross border tax matters

and tax filings.
regards,
/CJ
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