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Mr Ingram,
I'm receiving your cross-border tax tips (mailing list) and I have a
question. I'm a U.S. citizen living here in New York state. My
application to move to Canada was approved and now I have a question about
housing (selling and buying). Are there any negative tax consequences
relating to the order in which I sell my house here and buy one in Ontario?
In other words, if I wait until I move to Canada to sell my U.S. house,
will I be hit with a double tax bill, or would I lose my right to use the
$250,000 credit for home sales given to U.S. taxpayers? Do you do income
tax for people who don't live within driving distance of your office?
Regards,
Fxxxxxxxxxx
_________________________________________________________________
david ingram replies;
If you moved to Canada, bought another house and took a year to sell the US house and it went up in value, you could end up with a capital gains tax bill in Canada for the fdifference in value between your arrival in Canada and the sale price.
However, if you sell it for the same price or less than its value as you arrived in Canada, there would be no Canadian Income Tax.
In either case, if you had lived in it for two out of the last five years, it would continue to qualify for the $250,000 per person tax free status..
We do an amazing number of returns by mail, email, fax and courier. Today we did 3 returns from Chicago, and one each from New York, Montreal, San Diego, Indianapolis, Ann Arbor, Seatle, Northfield, MN (where Jessie James held up his last bank), Dubai and Saudi Arabia. My first return in the morning is from Kuwait, and my second from Sechelt, a mere thirty miles away. We have seven people who prepare US / Canadian returns and three others who prepare Canadian returns exclusively.
A typical charge for a US / Canada return is $700 Canadian
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This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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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 & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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