no recapture for now?
Moderator: Mark T Serbinski CA CPA
no recapture for now?
I am a US resident for the last 10 years. I purchased a house in Canada back in 2010 and used it as rental. Now I am moving back to Canada and will use the house as my main home. Called IRS and was advised that there is no reporting for this conversion (rental to main). If I sell the house later on, then I have to report gain/loss and do recapture for 2010-2013 depreciation. Does it sound correct? Thank you.
Serge
Yes.
For canada, you will also have an option on how to pay your gains when you sell (either a portion of entire gain, or strctly the gains whiole non-resident, renting), so get a solid FMV for the date you return to canada
For canada, you will also have an option on how to pay your gains when you sell (either a portion of entire gain, or strctly the gains whiole non-resident, renting), so get a solid FMV for the date you return to canada
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 