HI David –
You sent me this e-mail
awhile back. Thanks for the guidance.
I have a followup
question – what if we rent out the home in Vancouver and
still live in CA? Can we still deduct the interest from the mortgage on that
home in Vancouver?
We currently own and
live in a home in CA.
Thanks and kind
regards,
xxxxxxxxxxxxx
xxxxx
-------------------------------------------------------------------------------------------------------
david ingram
replies:
You would then have a
rental in Canada and would file a Section 216(4) Canadian non-resident rental
return each.
Then you would
transfewr the figures to Schedule E of your US return. If you had made a
profit and paid any tax to Canada, you would claim a foreign tax credit on US
form 1116 attached to your 1040.
It would also go on
your California 540 return.
-----Original
Message-----
From: David Ingram at home - bus at [email protected] [mailto:[email protected]]
Sent: Sunday, February 01, 2004 11:57 PM
To: Subject: Mortgage interest and property taxes paid in Canada deductible for California US resident buying property in Canada - Joan Marsh Mortgage Broker at (604) 535-9981 From Ask an income tax and real estate expert planner consultant expatriate taxin situation
From: David Ingram at home - bus at [email protected] [mailto:[email protected]]
Sent: Sunday, February 01, 2004 11:57 PM
To: Subject: Mortgage interest and property taxes paid in Canada deductible for California US resident buying property in Canada - Joan Marsh Mortgage Broker at (604) 535-9981 From Ask an income tax and real estate expert planner consultant expatriate taxin situation
From:
Reply_To:
My_question_is: Applicable to both US and Canada
Subject: Mortgage interest deductible for US resident buying property
in Canada
Expert: [email protected]
Date: Sunday January 25, 2004
Time: 05:28 PM -0800
QUESTION:
We are a Canadian couple living in California and are interested in buying a
home in Vancouver. Is it true that the mortage interest and property tax we
pay in Canada can be deductible from our US income tax? Do we need to get
the financing from a US institution, does it matter?
=================================================================================
My_question_is: Applicable to both US and Canada
Subject: Mortgage interest deductible for US resident buying property
in Canada
Expert: [email protected]
Date: Sunday January 25, 2004
Time: 05:28 PM -0800
QUESTION:
We are a Canadian couple living in California and are interested in buying a
home in Vancouver. Is it true that the mortage interest and property tax we
pay in Canada can be deductible from our US income tax? Do we need to get
the financing from a US institution, does it matter?
=================================================================================
david ingram
replies:
Assuming that the home is
empty and is merely a home away from home, you can deduct the interest and
property taxes on your US return if your second home is in Florida, Cost Rica,
Brazil, London, Berlin, Madrid. Lima or Good Olde Vancouver or
Whistler.
You can get your
financing from anyone that will give it to you. A Mortgage Broker I
can recommend without reservation is Joan Marsh. She does not use email
but has a fax, etc. You can get hold of her at (604)
535-9981.
David Ingram's
US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com
Disclaimer:
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You may find more
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If the number of messages is
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David Ingram of
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US / Canada / Mexico tax and working Visa Specialists
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(604) 980-0321 - Fax 913-9123 [email protected]
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US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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