U.S. tax-filing obligations for Canadian Snowbirds
The Globe has a summary at http://www.theglobeandmail.com/globe-investor/personal-finance/taxes/ignore-us-tax-filing-obligations-at-your-financial-peril/article29783607/
Tag: IRS
Tax Tips of Canadian Snowbirds
The Saskatoon StarPhoenix has a good summary of tax issues for Canadian snowbirds who spend their winters in the sunny south. They start with a reminder to fill in the IRS Form 8840 by June 15th and then go on …
Tax considerations for Canadian Snowbirds
The Globe published an article today on The flip side of retirement in the sun? A tax headache. While most of these articles are typically an advertorial for tax accountants, it does have some useful info. The article covers the residency …
Consider this
Before buying your place in the sun, here are some things to consider. The source article was published in the Globe and Mail on January 31, 2014. Start with a search of the Internet to narrow down your place in …
Important caveats for Canadian snowbirds in the USA
Read below for a warning from Moodys for Canadian Snowbirds. Thanks to R for forwarding this article on important caveats for Canadian snowbirds in America. The Immigration Reform legislation currently before Congress would allow Canadian Snowbirds to stay for more than …
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What snowbirds should know
Some interesting info and important considerations for Canadian Snowbirds at this Globe and Mail article. 1. How long can we stay? Two factors are important to consider for this question. Day count for border services purposes. Canadians can visit for …
Owning rental properties in both Canada and the USA
There are some tax implications for Canadians who own rental properties in the USA. A google on “owning rental properties in both canada and the usa” brings up a link to this recent article. Owning U.S. property may mean tax implications …
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Rental Real Estate — Passive or Active
According to this Turbo Tax article, rental properties are, by definition, passive activities and are subject to the passive activity loss rules.However, there is an exception: If you own at least 10% of the property, and you make major management decisions, you …
Calculating Depreciation on your Rental Property
The IRS and Turbo Tax also offer information on depreciating your rental property. This is required for US properties. Figure out the depreciation on your rental property by: Determining your cost or other tax basis for the property. This is generally what …
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Capital Improvements or Repairs
There is a big difference between capital improvements and repairs. According to Turbo Tax, “the cost of property improvements generally must be capitalized and depreciated over several years (by following IRS depreciation tables) rather than deducted in the year paid. By …