Sold property in CDN

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lgbgbt88
Posts: 16
Joined: Wed Jan 25, 2017 1:06 pm

Sold property in CDN

Post by lgbgbt88 »

Hi all,

I just sold my condo in Toronto, my accountant is helping me clearing the tax in Canada now, and lawyer withheld 25% of my proceedings until tax cleared. So it's all taken care of it the CDN side. Question is when do I need to report this sales on the US side. I'm reporting on the Cdn side now, what about the US? Should I wait until next year or now. And if it's now, what form should I be filling out?

Also, what are ways to transfer large sum of money to the US? Should I change to US and wire it / online transfer?

Thanks,
nelsona
Posts: 18312
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Sold property in CDN

Post by nelsona »

The sale is reportable on the tax return for the year of sale. The Cdn tax you can use will be finally determined when you file your 2022 Cdn non-resident return.

There are some sophisticated ways of changing money, but simplest always involves exchanging the money into USD in canada, and then xfering those USD to your US institution.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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