Discussion:Anything tricky about buying a second home in Canada?
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| Revision as of 21:06, 28 August 2006 Kendrick (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 00:56, 29 August 2006 Scot1 (Talk | contribs) (Nothing tricky,) Next diff → |
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| {{ForumNewPost|UserID=Kendrick|Date=28 August 2006|Text=CA resident buys a vacation home in Canada, will NOT rent it. Strictly a second home, seller to carry the loan. Anything tricky? The interest and property taxes will be deducted on Schedule A. And if later down the road the property is sold, taxpayer will pay a Canadian capital gain tax, and will get a credit for that payment against the US capital gain tax he will owe to IRS. Any comments appreciated. (And what about the CA tax . . . ?)}} | {{ForumNewPost|UserID=Kendrick|Date=28 August 2006|Text=CA resident buys a vacation home in Canada, will NOT rent it. Strictly a second home, seller to carry the loan. Anything tricky? The interest and property taxes will be deducted on Schedule A. And if later down the road the property is sold, taxpayer will pay a Canadian capital gain tax, and will get a credit for that payment against the US capital gain tax he will owe to IRS. Any comments appreciated. (And what about the CA tax . . . ?)}} | ||
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| + | {{ForumReplyPost|UserID=Scot1|Date=29 August 2006|Text=Nothing tricky, you're right on track.........property taxes and mortgage interest converted to USD and deducted on Schedule A. If and when there's a gain on the sale, it's taxable in the US and you are afforded a FTC on the gain taxed in both jurisdictions. Don't know anything about CA taxes, but generally (most states I work with) only real property sold in the state is taxable in the state. }} | ||
Revision as of 00:56, 29 August 2006
Discussion Forum Index --> Tax Questions --> Anything tricky about buying a second home in Canada?
| 28 August 2006 | |
| CA resident buys a vacation home in Canada, will NOT rent it. Strictly a second home, seller to carry the loan. Anything tricky? The interest and property taxes will be deducted on Schedule A. And if later down the road the property is sold, taxpayer will pay a Canadian capital gain tax, and will get a credit for that payment against the US capital gain tax he will owe to IRS. Any comments appreciated. (And what about the CA tax . . . ?) | |
| 29 August 2006 | |
| Nothing tricky, you're right on track.........property taxes and mortgage interest converted to USD and deducted on Schedule A. If and when there's a gain on the sale, it's taxable in the US and you are afforded a FTC on the gain taxed in both jurisdictions. Don't know anything about CA taxes, but generally (most states I work with) only real property sold in the state is taxable in the state. | |
