emigrated from canada, rental property in US

jmv55555 · Post by **jmv55555** » Mon Mar 21, 2016 4:16 pm

Hi,

I am a USC who was working in Canada for the last few years on a work visa. Then I emigrated from Canada to the US in June 2015, after having bought a rental property in the US in March 2015.

When I file T776 do I just include the rental income and expenses I incurred for the property during the 4 months I owned it and was in Canada? Is there anything I am missing or should know?

Thanks

nelsona · Post by **nelsona** » Mon Mar 21, 2016 5:45 pm

It also becomes part of your property which is deemed disposed when you leave Canada, as well as foreign property.

Your software will handle this. The US tax you pay on this rental should be used as a tax credit on your Cdn return.

jmv55555 · Post by **jmv55555** » Mon Mar 21, 2016 6:03 pm

Thanks, Nelsona. Regarding the deemed disposition -- Since I had bought the property only 4 months before I left, I can safely assume the price appreciation on the property was 0%, correct?

nelsona · Post by **nelsona** » Tue Mar 22, 2016 8:32 am

depends where you bought it.