Florida real estate transaction for Canadians - Ask a

QUESTION:
My wife and I are purchasing a condo in Florida in partnership with her
sister and husband. We are paying cash. Should we be tennants in common or
joint tenancy. Our partners wish to list only the wife as co owner. Should
we consider putting our share in my wifes name only as well. Also what are
the tax implications upon selling a condo in Florida. We have agreed that we
will not rent the unit to anyone else.
Thank you
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You and your wife should own your share as joint tenants with right of
survivorship.
Then your half should be held as tenants in common with her sister.
The advantage to having both of your names on title is that it will go to
you automatically if your wife should predecease you and to your wife if she
should predecease you,
If your sister in law goes first her half goes to her husband or anyone else
she wants to leave it to in a will.
When you sell your half, both your wife and you will have to pay capital
gains tax on the sale of real estate to the US federal government if it has
gone up in value. You will then report it again on your Canadian returns and
calculate Canadian Income tax.   If there is a tax you will be able to claim
a foreign tax credit in Canada for the tax paid to the US.
However, because there are two names on the title, the tax should be lower
than if only in one name as with your sister-in-law.
And REMEMBER IF "there is a death", a 706N estate US estate tax return will
have to be filed for the deceased.
Happy hurricanes.
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I do not know how far the LD line reaches.
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