Hello there,
I am a US citizen residing in the US with rental properties in Vancouver,
BC. I normally prepare my US taxes early in the year around February. Will
I have the paperwork from Canadian banks for interest income, mortgage
interest paid, statements of rents from management companies, etc, in time
to include with the US return or do I need to file an extension while I
wait?
How much would your office charge to do returns for both US and Canada?
Thanks,
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david ingram replies:
Canadian financial institutions are not required to send out the information
you are asking for until February 28. The rental management companies are
not required to send the information until March 31st.
The Canadian government does not require your Canadian rental returns to be
filed until June 30th.
If you had one property, you might be able to prevail and get the paperwork
before April 15th, but my advice (With the number you seem to be involved
with) is to save yourself a high level of stress and file your automatic
4868 extension which gives you until August 31st to file the US return.
Make sure that you conform to your individual state rules for extensions as
well.
You ask about price - In general we charge between $800 and $2,000 for US /
Canadian Income tax returns. In the first year of a rental we charge an
additional $200 - $300 extra per rental because there are two different
types of depreciation (3 if you live in California) and values to be
determined between land and buildings and chattels
In short, If you have 4 or 5 rentals, you would likely be in the $2,000 to
$3,000 range for this first year.
Hope this helps.
If you get this early enough and wanted to talk for "FREE", you could try
calling the radio show at 9 AM LA time (12 noon NY time) tomorrow morning
(Dec 8, 2005) on Jesse Dylan's, "the GOOD Life Radio Show" which is Channel
114 on Sirius radio or you can pick it up on the internet as follows from an
email sent out earlier today.
--------------------------------------------
This is your chance to talk to me live and ask that question you have been
die-ing to ask in person.
Thanks to Jessie Dylan and the Good Life Show, I will be available on a
fairly regular basis on Sirius Satellite radio starting Thursday December 8,
2005 at 9 AM Vancouver Time / 12 Noon Manhattan Time which is where the
program originates from.
You can listen live on Channel 114 of your Satellite Radio or listen to the
stream on www.lime.com. You have to have the latest version of Real Player
to listen live on the Internet. You can get the latest version free by going
to http://www.real.com/playerplus/index.html?src=downloadr
After you are up to date, you can listen to the live program by clicking on:
http://lime.com/more/Radio_Play/index.html
If you are in Canada and have a question to ask and want to email it to me
in advance, we will try and use it on the air and if not, I will make a real
effort to answer it by email.
But better would be a phone call if you live in the USA.
Yep, a live free phone call is available from anywhere in The United States
(not Canada yet) at 1-866-LIME-114 or 1-866-546-3114
Now, I do not have to tell you that if you want this service available in
the future, support now would be nice. Help me show there Manhattan types
that there is a real demand for a Canadian to be answering US tax questions
with particular emphasis on those Cross-Border or out of country questions.
Thousands of tax consultants can answer a child tax credit but not many can
deal with foreign tax credits and earned income exemptions and a foreign
vacation home or foreign bank accounts or that foreign pension you still
have after working in Australia, or Algeria or Spain or Canada.
David Ingram
taxman at centa.com
---
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 10 AM to 10 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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