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Hi There,
I love this web site! my wife and have been living in the USA for 9 years, bought a house 6 years ago and always lived in it.
We want to sell it in the next couple of years( need help with tax issues). I was reading this web site and saw that 250 thousand profit is tax free( for Canadian TN visa holders).
Is this true and do in need to fill out any tax forms?
Thank you
SXXXXX LXXXXXXXX
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david ingram replies:
If you and your wife both own the house, then the tax free profit between the two of you can be up to $500,000 US.
There is no longer a form to claim this credit. Just figure it out and send a hand written or typed or something like a TURBOTAX "worksheet for sale of personal home" in to the IRS.
I like to send it in. Then the IRS is saving it for you and you do not need to find it four years later when they ask for the information.
You will get more about Canadian / US Taxation by going to www.centa.com and clicking on US / Canada Taxation. You may have already found this of course.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
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