Canadian buying California real estate
Hi David:
I would like to buy a property in California. Is this state more favourable in terms of property taxes and other taxes for a Canadian investor?
Your input is very much appreciated.
Many thanks
---------------------------------------------------------------------david ingram replies:
In my opinion, this is the worse state for a Canadian to buy in terms of the paperwork and tax payalbe.
Califronia's 540NR and CA(NR) form tax return requires you to report all your Canadian income as well when calculating California tax.
In addition, California is one of the few states with an Alternative Minimum tax.
The best states for paperwork and income tax are Washington, Nevada, Texas, Florida and Alaska.
Last year Nevada was the likley the best in terms of increase in value.
California real estate lost money for the most part.
However, California will likely do better in the future and has more to recover to.
If you are mnaking a profit on your investment, paperwork is just that, paperwork and is like making beds, something that has to be done.
Buy where you feel comfortable. I and a few others like me can handle the paperwork
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