Hello,
My wife and I are both dual citizens residing in Florida for over ten years and we own 2 condominiums, a rental unit and our principal residence, both names on both deeds . We file our income tax jointly and rental income / loss is 50/50.
My wife prefers to move back to Ontario where we own a home.
From taxes point of view, would it be best and simpler if we both move back vs. she moves back alone and I file my own taxes in the US? how this will impact previous rental property depreciation? Who claim the future loss/income on the rental? I think I can claim full loss/income for the upcoming years even if my wife’s name on the deed (co-owner). Am I wrong?
Best Regards,
Mike
Moving back to Canada, tax implications
Moderator: Mark T Serbinski CA CPA
Re: US Canada, tax implications
MCH wrote:
> Hello,
> My wife and I are both dual citizens residing in Florida for over ten years
> and we own 2 condominiums, a rental unit and our principal residence, both
> names on both deeds . We file our income tax jointly and rental income /
> loss is 50/50.
> My wife prefers to move back to Ontario where we own a home.
> From taxes point of view, would it be best and simpler if we both move back
> vs. she moves back alone and I file my own taxes in the US? how this will
> impact previous rental property depreciation? Who claim the future
> loss/income on the rental? I think I can claim full loss/income for the
> upcoming years even if my wife’s name on the deed (co-owner). Am I wrong?
>
> Best Regards,
> Mike
> Hello,
> My wife and I are both dual citizens residing in Florida for over ten years
> and we own 2 condominiums, a rental unit and our principal residence, both
> names on both deeds . We file our income tax jointly and rental income /
> loss is 50/50.
> My wife prefers to move back to Ontario where we own a home.
> From taxes point of view, would it be best and simpler if we both move back
> vs. she moves back alone and I file my own taxes in the US? how this will
> impact previous rental property depreciation? Who claim the future
> loss/income on the rental? I think I can claim full loss/income for the
> upcoming years even if my wife’s name on the deed (co-owner). Am I wrong?
>
> Best Regards,
> Mike