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.
My wife and I (TN/TD holders) are considering buying a house in the USA. The hitch is that there is a good chance we will eventually be returning to Canada.
If we do that, we could either sell our US house or rent it out. If we rent out a US property while living in Canada, would we pay Canadian tax only, or both Canadian and US?
If we rented for a while and then decided to sell, would we pay capital gains just in Canada or in both countries? In the Canadian case, would the gains be calculated from the purchase date or the date of returning to Canada?