Hello.
I am a Canadian citizen and am currently working in the US on H1B. I started working in 2019 and and requested my non-resident status to CRA starting Jan 2020.
I have a family home in Canada where I grew up and my parents still live there with my siblings but it is under my name with a mortgage. I frequently visit the house and pay all the bills and mortgage. I have a two part question:
1. If I sell the house, will I have to pay capital gains taxes in US and Canada given that it is not a rental property, my immediate family still lives there and I visit the house on a monthly basis?
2. Secondly, If I gift that property to my parents, would that incur any taxes in US or Canada?
Thank you.
Selling my canadian property
Moderator: Mark T Serbinski CA CPA
Re: Selling my canadian property
If the house is in your name and you don't live there, you are on the hook for gains, like for a cottage.
When you sell, the house, you will be have capital gains to pay in canada, and US. If you gift it, you will have gift tax in US and cap gains in canada.
When was the last time you lived there? That would have been the time to give it back to your parents.
When you sell, the house, you will be have capital gains to pay in canada, and US. If you gift it, you will have gift tax in US and cap gains in canada.
When was the last time you lived there? That would have been the time to give it back to your parents.
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