Can I be double-taxed by the USA (IRS) and CANADA (CRA) when doing my flips or holding rental properties in the USA while living in CANADA?

I’d be happy to hop on a quick call and give you an overview of my business if that would help you set more realistic expectations.

Hello Tax pros,I am planning on executing a 1031 Exchange (simple one - no boot, same owner, etc.) using IPX 1031 sometime over next couple of months  (already had call with IPX) and had a question relating to my taxe...

I would be happy to hop on a call and discuss more, I like seeing that you are being proactive about it so that way you can get a Good foundation set up, as you grow!

You can try to claim this as an investment property but if the IRS catches wind they are going to see that you are directly related to the "tenant."

I am always happy to hop on a podcast with others, especially those on BP.

Although this was the first time the IRS formally focused on this issue, it is now clear that the IRS will disallow basis adjustment on assets held in an IDGT.IRC § 1014Internal Revenue Code § 1014 has been a long-standing tenant of the US tax code, dating back to the early 1930’s where it was formally classified under Section 811, Title 26 of the Internal Revenue Code.

I don’t know how the IrS would feel about you writing someone a large check with no one declaring any taxes being due. 

Typically, the request is at least for the organizational documents, operating agreement and the IRS EIN number. 

It can also simplify record-keeping in case of an IRS audit.That said, you can technically pay property-related expenses from your personal account, but separating the accounts will help keep your finances more organized and clearer for both you and your CPA.