[Andrea Cullen]

I have a condo in my name and my parents live in it they pay the mortgage and expenses. I do not own any other property in canada. My husband and I are thinking if moving to the USA to work. If my parents decide they woukd like to sell the property once I'm living in the USA and I'm a permanent resident of the USA do I have to pay Capitol gains on the sale of the property. Also if I stay in canada and I decide to buy a house here how can I avoid Capitol gains on my parents condo. What should I do to avoid it if I stay in canada before I purchase a house of my own. I do not claim my parents condo as rental property on my income tax return.

[AtlantaTaxExpert]

First, the condo is NOT your parent's condo; it IS YOUR condo.

If you move to the United States and establish residency, then sell the condo, you WILL be liable for U.S. capital gains tax on that sale.

If you pay Canadian capital gains tax, you can apply for a Foreign Tax Credit to offset any U.S. capital gains taxes owed.

I cannot comment if you will owe Canadian capital gains tax, as I do NOT prepare Canadian returns.