US tax on selling property in Canada

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.

Moderator: Mark T Serbinski CA CPA

Post Reply
SergeP
Posts: 72
Joined: Mon Mar 09, 2009 10:38 pm
Location: hawaii

US tax on selling property in Canada

Post by SergeP »

I am moving to US from Canada leaving my house (currently my principal residence in Canada) as my vacation home. I am going to get a real estate FMP assessment of the property for any future transaction with the house. If I sell this house later on I have to report the capital gain or loss in Canada. Will this gain or loss need to be reported also to IRS if I am a US resident at the time of selling?
Serge
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: US tax on selling property in Canada

Post by nelsona »

In both US and Canada, you will only need to report the gains from after you make it a rental.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Feduk
Posts: 20
Joined: Mon Dec 20, 2021 11:36 am

Re: US tax on selling property in Canada

Post by Feduk »

Generally, if you're a US resident at the time of selling, you might need to report the capital gain or loss to the IRS. But tax laws can change, so it's essential to consult with a tax professional to get the most up-to-date advice.
I'm curious about how your situation turned out. It's always interesting to hear about real experiences in these matters.
And if you ever need guidance on managing properties, you might want to check out Kingston Property Management. They can provide insights into the real estate market. Here's the link: https://axonproperties.ca/
SergeP
Posts: 72
Joined: Mon Mar 09, 2009 10:38 pm
Location: hawaii

Re: US tax on selling property in Canada

Post by SergeP »

No progress in this matter. I am still keeping this house in Canada as my vacation home.
Serge
Post Reply