My_question_is: Applicable to both US and Canada
Subject: Retrival of withholding tax on sale of Real Estate in USA
Expert: taxman at centa.com
Date: Thursday February 09, 2006
Time: 08:22 PM -0800
QUESTION:
In 1988 my wife and I jointly purchased vacant real estate property in Point
Roberts Wash. for net price of $36,900 USD.
In 2005 we sold that property for $30,000 USD. less real estate commission
of $3,000 USD.
Withholding tax was deducted from our proceeds and we have two forms 8288-A,
one for each of us showing federal income tax withheld of 1,750 USD each.
We have our USA individual taxpayer i.d. numbers.
How do we get a refund of the US withholding tax?
What approximately is the cost for CENTA to
complete and submit the application? We have all the required documentation,
i.e. sales sales agreements etc.
Thank You,
We live in Richmond BC
-----------------------------------------
david ingram replies:
You are obviously entitled to a return of the tax. We would have to file
two 1040NR returns.
We would be about $550 for the two returns.
remember that the sale also has to be reported on your Canadian return s as
well. The loss is greater in Canada because the exchange rate was 20%
different.
The loss in Canada is deductible against other capital gains only and can be
carried back three years and forward indefinitely.
If desired, we can complete the Canadian returns as well in which case you
are likely looking at $800 plus GST Canadian.
david ingram
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