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    yankeecan's Avatar
    yankeecan Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 18, 2009, 03:34 PM
    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!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 19, 2009, 08:41 AM
    1) No, not as long as you are receiving NO rent for it,

    2) None whatsoever,

    3) Yes.
    courage91's Avatar
    courage91 Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Jan 5, 2015, 02:19 PM
    I own property in Ontario , I am a us cit izen and wish ti gift this property to my children who are also us citizens, is there a tax ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 5, 2015, 02:27 PM
    There may be gift tax requirements.

    It depends on HOW MUCH is worth (current Fair Market Value), whether you are currently married and HOW MANY children are receiving the gift.

    Please answer those questions.
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