Us citizen selling selling their home with CDN spouse
Moderator: Mark T Serbinski CA CPA
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- Posts: 62
- Joined: Wed Jan 16, 2008 11:49 am
- Location: Quebec, Canada
Us citizen selling selling their home with CDN spouse
I know there is a 250k usd exemption, the question is do I divide the capital gain by 50 percent since I own half the house? So I make 300k, do you report 150k?
Thanks,
Thanks,
Re: Us citizen selling selling their home with CDN spouse
Yes, you report half the gain, which means you should be tax fee, and may not even have to report the sale.
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Re: Us citizen selling selling their home with CDN spouse
"and may not even have to report the sale', if Cdn house and/or otherwise no 1099-S issued, don't report, if 1099-s issued, report.
Re: Us citizen selling selling their home with CDN spouse
The importance of the phrase "MAY not have to report" seems to have been overlooked.
I wonder what Canadian entity would issue a 1099-S for a sale of a Canadian house by two Canadian residents?
I wonder what Canadian entity would issue a 1099-S for a sale of a Canadian house by two Canadian residents?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Us citizen selling selling their home with CDN spouse
nowhere in poster's question does it state that the sold property was located in Canada and not in the US
Re: Us citizen selling selling their home with CDN spouse
Mike, a long-time poster, lives in QC.
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Re: Us citizen selling selling their home with CDN spouse
And a US citizen living in US "selling their home", would not care about the citizenship of the spouse, since they would both be US tax residents.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Us citizen selling selling their home with CDN spouse
But Cdn spouses and current residents selling a US property, whose 2/5 yes residency qualified it as principle residence, would.
Re: Us citizen selling selling their home with CDN spouse
The importance of the phrase "MAY not have to report" seems to have been overlooked. These were your words, not mine. There's no overlooking when clarifying when and when not an excluded sale would be reported on 1040.
Re: Us citizen selling selling their home with CDN spouse
They live in Canada. They will not be issued a 1099-S.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Us citizen selling selling their home with CDN spouse
He has alreay stated he qualifies for exemption. Done,
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Us citizen selling selling their home with CDN spouse
So, you're saying that in your original reply 'Yes, you report half the gain, which means you should be tax fee, and may not even have to report the sale', you should only have stated 'Yes, you report half the gain, which means you should be tax fee'
Re: Us citizen selling selling their home with CDN spouse
Agreed. You made the distinction between reporting and paying tax in your reply. So did I.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing