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Thanks David,
Here it is again:
Hi,
I just found your site yesterday and I'm excited at the resources you provide. Generally we are do it yourselfer tax folks, but I think we may need your services which we can discuss later as it is pretty complex. Perhaps you could clarify something for us.
We live in Ontario and we are in the process of selling our house. We have bought a house in South Carolina which will close in June. My wife is going to go in on a TN visa as a Physiotherapist and I will go in as her spouse. Later (in August) I will register with a student visa, so that I do not have to renew it annually like my wife will. Now my wife will actually be working in North Carolina as a physiotherapist and we will live (and I will go to school) in South Carolina.
What are the tax implications of:
A) buying a house in the USA (S.C.) and then selling it after 3-4 years to return to Canada.
B) working in one state (N.C.) and living in another?
Thanks in advance for considering our situation,
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david ingram replies;
If you buy a South Carolina, North Carolina. Arkansas or Georgia House and live in it, any gains will be tax free up to $500,000 ($250,000 each) if you have lived in it for 24 months out of the last 60 that you owned it.
If you lived in Hull, Quebec and worked in downtown Ottawa, you would file a Quebec and a Canadian Federal return.
If you live in North Carolina and commute to South Carolina, you will be filing a South and North Carolina return. You will not pay double state taxes but you will end up paying the higher rate after exemptions, credits, deductions, etc.
In your first year in the USA, you have the option of filing a joint tax return by reporting your Canadian Income as well. This will save you tax. Most preparers will suggest that you have to file a dual status return the first year and can make it a joint return.
Whatever you do, have this year's returns prepared by someone who does both (with experience - not at your learning expense).
There are a lot of us around although we are hard to find. There is a Steve (don't know his last name because I misplaced it so this is an appeal for the fellow who gave it to me to resend it) in Halifax and Gary Gauvin in Rockwall, Texas www.garygauvin.com know what they are doing.
Gary was my partner in an office on Ottawa in the 80's and 90's.
We, of course, are all happy to help you by snail mail, email, fax or courier, OR
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
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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