tax liability on canadian property owned by US citizen?

Question

May 18, 2009, 03:34 PM

yankeecan

New Member

Join Date: May 2009

Posts: 1

tax liability on canadian property owned by US citizen?

I'm a US citizen living in Canada for over a year and I'm currently buying a residential property with my same-sex partner who is not a US citizen (joint ownership). We will not receive any rental income from the property and will be living in it. I have 3 questions

1. Will I as a US citizen incur a tax liability for owning foreign property?
2. If there is a tax liability is it on the whole value of the property or only on my share of ownership?
3. Can I claim any deductions on interest payments/property taxes I pay in Canada. (mortgage is via a canadian bank)

Any information is much appreciated. thanks for your help!

Answers

May 19, 2009, 08:41 AM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,323	1) No, not as long as you are receiving NO rent for it, 2) None whatsoever, 3) Yes.

Similar Sponsors

Thread Tools

Show Printable Version

Email this Page

ITIN for dependent canadian born son and wife (canadian citizen)
(3 replies)

Canadian citizen to marry dual citizen (us/can) and relocate to US.
(1 replies)

Property owned by four people - one paying property taxes
(7 replies)

Trade property for a Bank owned property
(1 replies)

Search this Thread

Advanced Search

Bookmarks



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!