seller-financed loan

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jayroh
Posts: 8
Joined: Mon Jun 12, 2006 10:17 pm

seller-financed loan

Post by jayroh »

For a dual US/Can citizen living in Canada is interest received from a seller-financed loan in the US taxed like bank interest. Meaning, is the interest taxed by the resident country, Canada in this case, even though it came from a U.S. mortgage. The capital gain from the property sale is of course taxed in the U.S. with a tax credit taken in Canada when reported to the CRA.

Thanks
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