I still have some question unclear, and I think it is better to start a new thread.
I moved to US in May 2011 and sold my main residence in Canada in August. Since I bought the place in July 2009, I don't qualify the 2-year-in-5-year exemption rule.
I sold my property at a cost 30K higher than the government-estimated property value and I want to minimize the tax I pay to IRS. What value exactly can I use for the FMV? If it is the government estimated value, I can't save any tax here.
Can I simply use (sell price - buy price - cost) / (overall time) to calculate monthly value increase and then obtain the estimate of the adjusted cost at the entrance to US?
Thanks in advance!
saling main residence in canada after moving to US
Moderator: Mark T Serbinski CA CPA
I think this was answered already.
You do not qualify for the home sal exemption because you di noy live in the house 2 years. However, you do qualify for the treaty cost basis adjustment to the FMV on the day you left canada.
The FMV is not determined by the government, it is determined by market appraisaL. Since it was just last year you should easily find an appraiser who can remambrr that far back and give you an appraisal.
You do not qualify for the home sal exemption because you di noy live in the house 2 years. However, you do qualify for the treaty cost basis adjustment to the FMV on the day you left canada.
The FMV is not determined by the government, it is determined by market appraisaL. Since it was just last year you should easily find an appraiser who can remambrr that far back and give you an appraisal.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
Thanks a lot, Nelsona.
Last question: I made a move due to employment change. Am I eligible to get some discounted property gain calculation?
The appraiser cost might be more than what I can gain in the new FMV calculation, since I sold the property a bit higher than the market price. I will probably use the linear interpolation.
Last question: I made a move due to employment change. Am I eligible to get some discounted property gain calculation?
The appraiser cost might be more than what I can gain in the new FMV calculation, since I sold the property a bit higher than the market price. I will probably use the linear interpolation.