La Quinta, CA
(760) 895-3516

Thursday, April 30, 2015

Selling Canadian Real Estate while Living in USA

You may also be faced with the option of selling your home. Be smart about the timing! Remember that these same rules apply. There are also some laws about capital gains that you need to keep in mind when it comes to your principal residence.

Your Canadian home may no longer be your principal residence once immigrating to the U.S. so be careful.

Canada allows unlimited gain exemption for a principal residence.

U.S. allows up to $250,000 exemption for single, or $500,000 for couple on gains from principal residence.

U.S. requires living in the principal residence 2 out of the last 5 years otherwise not a principal residence.

All dollar figures need to be converted using annual average exchange rate.

Be wise when selling Canadian real estate if you plan on moving to the United States. It may be best to sell before you arrive in the U.S. for taxation purposes, depending on your situation.

If you have questions, call Borders Bookkeeping. We are located in the Palm Springs area and we are dedicated to helping Canadians who have interests in the U.S. with any taxes.

Borders Bookkeeping
(760) 895-3516