Key is to keep your transaction documents on file and document the transaction path for your CPA tax preparer.4 of the lots have sold in the last 2 months. 

The only difference is the foreign based client may or may not have a 1099 filing requirement so it might not be reported to the IRS.Of course this is just some ideas and information to research and discuss with your CPA, not tax advice and you shouldn't rely on it without consultation with them.Hope it helps!

@Yash Gautam Tax fraud if you file your taxes and claim losses or claim no profit on your rentals and had your parents paid a fair market rent you would have had profit to be taxed.

@Matthew PurvisYou may be required to file a Canadian tax return to report the sale of propertyYou will be required to include the sale of the property in Canada on your US tax return(if you are a US resident or US Citizen)You may potentially get a credit for taxes paid to Canada.Talk to your CPA for further tax guidance.

I confirmed the notice in a letter back to him.He’s very manic, telling me people are breaking in the house, but not stealing anything.I’ll file if he doesn’t vacate at the end of the month, but curious if someone who’s been through this has other ideas.

But the bank may not consider that other income until they see it on your tax filings for the year.As for the Airbnb strategy there are definitely pros and cons.

If you have a recorded mortgage and the county did not properly notify you about the tax sale, then the tax deed can legally be voided.I would get a copy of the tax collectors file and see if there is any mention of your recorded mortgage.I would talk to the tax collector and see what the story is and then inform your attorney.

I filed for chapter 7 bankruptcy about a year ago to get rid of some old credit card debt from when I was in school that was really hindering my ability to move forward. 

I do have rental income in the US and therefore obviously do US returns filing.

@David LaoYou would be required to file a gift tax return(regardless of the amount - below or above $15,000).