Selling Port charlotte Florida lot by Canadian - ask

My question is: Applicable to both US and Canada
QUESTION: I hope to sell a vacant lot in Port Charlotte Florida. Do  I
require a lawyer to handle the tax papers for both countries or does the
broker in the us do these. This is the first and last time for such a
undertaking and I woould like to do so with the least trouble.  I am 86 and
my wife 82.
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david ingram replies:
You are better off finding someone like myself who prepares both countries
at the same time.
Assuming that the lot is in both names, you will each have to file a US
federal form 1040NR with schedules D to report the capital gain and schedule
6251 to calculate the actual tax under the alternative minimum tax rules.
For Canada you will need to report the gain (converted to Canadian dollars
of course) on schedule 3 of the Canadian Return.
To get credit in Canada for the tax paid to the USA, you have to fill in
schedule 1 of the T1 General return.  On page 2 of schedule 1, you will put
the amount of tax paid to the US on line 431 and the actual taxable profit
on line 431 and then follow the calculations to determine the foreign tax
credit.  Usually the figure on line 433 is the same as the figure you ended
up with on line 127 unless you have other capital gains included in the
amount on line 127.
If you do not get to use all the foreign tax credit up against federal tax,
you can claim the excess on the Provincial form 428,
We are always available to look after the taxes for you by mail if you do
not find someone locally.  70% of our business is done with people living
1,000 to 12,500 miles away in over 80 countries.
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, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' 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 <http://www.600am.com/>
Call (604) 280-0600 to have your question answered.  BC listeners can also
call 1-866-778-0600.
Callers to the show and questioners on this board can also attend the
Thursday Night seminars on finance and making your Canadian Mortgage
Interest deductible.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
Home office at:
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or phone
outside of those hours as this is a home office)
email to taxman at centa.com <mailto:taxman at centa.com>
www.centa.com <http://www.centa.com/>  www.david-ingram.com
<http://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 <http://www.centa.com> . If you forward
this message, this disclaimer must be included."
Be ALERT,  the world needs more "lerts"

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