Dear taxman
A similar question but a little different.
My Mom has lived in the same home since 1938. She is now age 91, dad
passed away in 1996. She broke a leg in 2003 and subsequently found
herself placed in a home and hospital. She is now considered a maximum
care patient and pays about 2500 per month. (I know this is
deductible.)
My question is how long a period can she designate her home to be her
principal residence? She is planning to go home and if she were asked
today that is what she would say. It is doubtful from a medical point
of view as she has mild dementia and some altziemers.
Thanks in advance.
M xxxxxxxxxxxx
------------------------------------
david ingram replies:
Mom can rent out the house for four yeas plus one.
The one is to look after the fact that you might start in a July and
end in a June after four years which covers parts of five years.
Read Form T2091 and the instructions to see the rules.
You cannot depreciate the building under these circumstances. When
you file the rental statement for it, put a section 45(2) election
statement with the T776.
The 45(2) election statement should read:
I hereby elect under Section 45(2) to designate the house at _________
__________ ___________
to be my principal residence even though I am not inhabiting it at
present.
I f you are not renting the house out and she is "in the hospital",
there should not be any limitation, it is still her house. However,
if she is not going back, rent it.
Hope this helps and remember that this is a good question for the
radio program:
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 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
Local calls are taken at (604) 280-0600 and Long Distance calls are
taken at 1( 866) 778-0600
I do not know how far the LD line reaches.
=========================================
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321 Fax (604) 980-0325
Email to taxman at centa.com
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"
==============================
This from "ask an income tax and immigration expert" from
www.centa.com or www.jurock.com or www.featureweb.com. David Ingram
deals on a daily basis with expatriate tax returns with:
multi jurisdictional cross and trans border expatriate problems for
the United States, Canada, Mexico, Great Britain, the United Kingdom,
Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New
Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru,
Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana,
Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali,
Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St
Vincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43
states with state tax returns, etc. Rockwall, Dallas, San Antonio and
Houston Texas
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration Tips, Income Tax and ImmigrationWizard Income Tax and
Immigration Guru Income Tax and Immigration Consultant Income Tax and
Immigration Specialist Section 216(4) 216(1) NR6 NR-6 NR 6
Non-Resident Real Estate tax specialist expert preparer consultant
expatriate anti money laundering money seasoning FINTRAC E677 E667
4789 4790 TDF-90 Reporting $10,000 cross border transactions
=========================
Alaska, Alabama, Arkansas, Arizona,
California, Colorado, Connecticut,
Delaware, District of Columbia, Florida,
Garland, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland,
Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire, New Jersey,
New Mexico, New York, North Carolina,
North Dakota, Ohio, Oklahoma, Oregon.
Pennsylvania, Rhode Island, Rockwall,
South Carolina, South Dakota, Tennessee,
Texas, Utah, Vermont, Virginia,
West Virginia, Wisconsin, Wyoming,
British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Quebec City,
New Brunswick, Prince Edward Island,
Nova Scotia, Newfoundland, Yukon and
Northwest and Nunavit Territories,
Mount Vernon, Eumenclaw, Coos Bay
and Dallas Houston Rockwall Garland
Texas Taxman and Tax Guru and wizzard
wizard - consultant - expert - advisor -advisors consultants - gurus -
Paris Prague Moscow Berlin
Lima Rio de Janeiro, Santaigo
============================
New York, Boston, Sacramento, Minneapolis, Salem, Wheeling,
Philadelphia, Pittsburgh, Atlanta, Pensacola, Miami, St Petersburg,
Naples, Fort Myers, Cape Coral, Orlando, Atlanta, Arlington,
Washington, Hudson, Green Bay, Minot, Portland, Seattle, St John, St
John's, Fredericton, Quebec, Moncton, Truro, Atlanta, Charleston, San
Francisco, Los Angeles, San Diego, Sacramento, Taos, Grand Canyon,
Reno, Las Vegas, Phoenix, Sun City, Tulsa, Monteray, Carmel,
Morgantown, Bemidji, Sandpointe, Pocatello, Bellingham, Custer, Grand
Forks, Lead, Rapid City, Mitchell, Kansas City, Lawrence, Houston,
Albany, Framingham, Cambridge, London, Paris, Prince George, Prince
Rupert, Whitehorse, Anchorage, Fairbanks, Frankfurt, The Hague,
Lisbon, Madrid, Atlanta, Myrtle Beach, Key West, Cape Coral, Fort
Meyers, Berlin, Warsaw, Auckland, Wellington, Honolulu, Maui,
Kuwait, Molokai, Beijing, Shanghai, Tokyo, Manilla, Kent, Winnipeg,
Saskatoon, Regina, Red Deer, Olds, Medicine Hat, Lethbridge, Moose
Jaw, Brandon, Portage La Prairie, Davidson, Craik, Edmonton, Calgary,
Victoria, Vancouver, Burnaby, Surrey, Edinburgh, Dublin, Belfast,
Glasgow, Copenhagen, Oslo, Munich, Sydney, Nanaimo, Brisbane,
Melbourne, Darwin, Perth, Athens, Rome, Berne, Zurich, Kyoto, Nanking,
Rio De Janeiro, Brasilia, Colombo, Buenos Aries, Squamish, Churchill,
Lima, Santiago, Abbotsford, Cologne, Yorkshire, Hope, Penticton,
Kelowna, Vernon, Fort MacLeod, Deer Lodge, Springfield, St Louis,
Centralia, Bradford, Stratford on Avon, Niagara Falls, Atlin, Fort
Nelson, Fort St James, Red Deer, Drumheller, Fortune, Red Bank,
Marystown, Cape Spears, Truro, Charlottetown, Summerside, Niagara
Falls, Albany
.
--
No virus found in this outgoing message.
Checked by AVG Anti-Virus.
Version: 7.0.300 / Virus Database: 265.7.3 - Release Date: 1/24/05
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/20050125/e44541f4/attachment.htm
What's Related