Author Topic: Canadians with US rental property?  (Read 1785 times)

daverobev

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Canadians with US rental property?
« on: December 04, 2013, 09:38:04 PM »
If anyone on the forum is a non-US person (Canadian resident would make the most sense I think, but it might not matter as long as you don't qualify for an SSN) with rental stuff going on in the US, I wonder if they'd make themselves known - I'm just wondering exactly the process for getting it all straight in terms of tax.

Namely, ITIN application, election to have a closely-tied business, and all that stuff. I *think* it should be fairly straight forward, I'd just like to run it past someone who has done it already!

Thanks!

Self-employed-swami

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Re: Canadians with US rental property?
« Reply #1 on: December 05, 2013, 12:41:00 AM »
I am also interested in any answers to this.  To buy a 'cheap' condo for a rental here, is upwards of $200,000 and the numbers just never work out, at least with the 50% rule.

daverobev

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Re: Canadians with US rental property?
« Reply #2 on: December 05, 2013, 11:49:16 AM »
Well, I guess I'll post as I work through it.

At the moment the house is rented, but I haven't applied for anything, so I'm not sure how/when/how much the agency is going to give me; they should withhold 30% and remit to the IRS, which I'd get back after the tax return happens next year...

Self-employed-swami

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Re: Canadians with US rental property?
« Reply #3 on: December 06, 2013, 06:52:00 AM »
Ah. I hadn't even thought about the taxes, I was just thinking about the logistics of managing a property from far away (assuming here, I guess) and actually buying, with financing etc.

You might be able to call CRA and see if you can get someone there who might know how that will work.
I know that when I was maybe going to go work in Australia (also have an income tax treaty with CRA) that the Aussies would withhold tax, and CRA would issue me the credit at tax time, so I didn't have to double pay.

Anyway, I don't actually have any experience with that, but do keep us posted please and thank you :)

daverobev

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Re: Canadians with US rental property?
« Reply #4 on: December 09, 2013, 06:35:09 PM »
Ok, ITIN application is in the post. Fingers crossed I get my passport back in one piece..