Rental Property in the US

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mikem
Posts: 48
Joined: Sun May 20, 2007 12:42 pm

Rental Property in the US

Post by mikem »

I'm considering picking up some US real estate while the prices are ridiculously cheap. What are the tax consequences of owning rental property in the US for a Canadian citizen & resident? I assume I file as normal in Canada, but do I also file a 1040NR in the US? Would I be able to write off the mortgage on my US taxes like a resident would?

Thanks in advance,
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nelsona
Posts: 18363
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You would report rental income on a 1040NR.

You can deduct mortgage interst simply because it is an expense,just like in canada. This is not the residential mortgage interest deduction that american taxpayers enjoy -- it is rental expense.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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