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QUESTION:
Hi,
I moved down to the US in May, 2003(on TN1) and purchased a house in Seattle last month. I was just laid off and I am now taking a job in Vancouver. Can you tell me what are the US and/or Canadian tax ramifications of selling this WA house versus renting it out?
Thanks
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david ingram replies:
You also have a tax filing problem. You should be filing a JOINT US tax return and almost anyone else you talk to will want to file you on a 1040NR or 1040 Dual status Return. This would cost you a lot of extra tax (likley $4,000+ US) because you lose the benefit of a joint tax return.
I would love to answer your question on renting versus selling but it does not apply to the 2003 tax year and I am only dealing with current questions at the moment.
I am not saving it. If you do not have your answer by May 4th or so (the Canadian Tax filing season is April 30th, two weeks after April 15th for the US without an extension), please feel free to resend it.
In the meantime, your email address has been added automatically to an email list which may give you the answer to your question from other replies to current questions.
If this is particularly important, you can call the number below and arrange for a phone consultation which would be $350 Cdn
AND
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 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
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & 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
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