My question is: Canadian-specific
QUESTION: Dear David Ingram: I am a Canadian Citizen who has just sold an empty lot in Lake Havasu City, Arizonia. The Title Company has the buyer withold 10% of the sale proceeds for Captital Gains Tax to send to the I.R.S. I was told that I would receive this 10% back when I file a tax form with the I.R.S. for this year 2004. This property was simply an investment. Empty land. The Captital Gain on it is around 95,000 U.S. How much of this am I able to get back for myself? Or have I been misled here. The lawyer in Ontario who notorized the documents for me said I would get a credit. The Canada Customs & Tax Agency told me that I would "get it back" which I understood to mean as a refund in cash. Which is it? Thank You for offering some light. Sincerely,
