My question is: Canadian-specific
QUESTION: I am a canadian and own a piece of land in Florida for the past 10
years. I intend to sell the land for more than I paid for it.
What are the American and Canadian tax implications. Also what other dues
will I be liable for.
Thank you.
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david ingram replies:
In the US you will owe capital gains tax and AMT (alternative minimum tax).
You (and possibly a spouse if in joint tenancy) will have to file (each) a
1040NR. a schedule D (for the capital gain) a schedule E (if rented) and a
schedule 6251 (to calculate the AMT - this is a hard thing to find in the
instructions but you have to write RPI (real property interest) beside line
30 and put the amount of the profit on line 30 no matter what the form seems
to say. If you look hard you "can" find the instructions in the 1040NR
guide.
For Canada, you will file Schedule 3 to report the capital gain and put the
net foreign income on line 433 and the amount of tax paid to the US on line
431 of your schedule 1 to calculate the foreign tax credit. You will also
put these two figures on the appropriate lines of the provincial Form 428 or
Quebec form if you are in Quebec.
Be glad to help you with this if you cannot figure it out or find someone
who does understand it.
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee Wealth
Management and I, David Ingram host a LIVE talk show called "ITS YOUR
MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
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Local calls are taken at (604) 280-0600 and Long Distance calls (BC only)
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Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They are
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for more information.
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