Passive Income on Land in Canada, Living in the US

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duyemily
Posts: 1
Joined: Thu Mar 31, 2022 3:22 pm

Passive Income on Land in Canada, Living in the US

Post by duyemily »

Hi,

I am resident of the US, but am a Canadian citizen. I own a piece of land in Calgary from which I make passive farming income. I have already paid income taxes in Canada on the income I made off of the crop grown in 2021. Would I be double taxed in this situation and also pay US taxes? I understand there is a treaty between the US and Canada in this regard, but unsure how it works in this specific scenario.
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Passive Income on Land in Canada, Living in the US

Post by nelsona »

You report the income on your 1040 as well, and claim a foreign tax credit using form 1116.
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
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