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.
Me - US citizen, Canadian PR - marginal rate 49% (or whatever is highest)
DH - Canadian citizen - low marginal rate- 15-20%probably
We file separately in Canada. Obviously I file in US as well.
Considering purchasing second home in US. Should it be in husband's name only? That way, if we had a property manager and renters, would it be claimable as his income?
We are considering a mortgage but I'm assuming it wouldn't be easy or possible to get it only in his name - so the above would only work if we paid cash.
Thank you! Sorry if this is obvious - just couldn't find clear info easily anywhere.
It would be claimable as his income, but would be taxed in US at non-resident rates.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
OH - so he would have to now file US taxes because of owning property in the US.
How does that usually shake out? ie low bracket in Canada, get rental income, say 8000 in a year - increases Canadian taxes - but now has to file in US - does foreign tax credit apply?
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best