Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago, 08/12/2023
Advice needed re: tax considerations for American selling property in Canada
Hello Bigger Pockets,
I'm hoping someone will have some expertise to share. I'm trying to help my Dad (who is a dual US/Canadian citizen living in the US) sell a property that is located in Canada. It appears to me from a quick glance at the tax websites that since my dad earns less than 44,000 in pension, he shouldn't need to pay capital gains on the property in the US after selling it in Canada, but I'd like to do a deeper dive to find out if this is in fact the case. He has owned the property for many years, and at one time it was his principal residence, but it isn't anymore. Does anyone have expertise to share about this situation, or know of places I should look for information? I'd be interested also in talking to an accountant who is an expert on cross-border taxes, if folks have recommendations for someone who is reputable and has that expertise, and who works with middle-class individuals (as opposed to wealthy families or businesses). Thank you in advance if anyone has information to share that might be helpful to this situation.