TN moving back to canada but still own house in Florida?

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projectpete19

Registered Users (C)
Hello,

I have been on a TN for about two years, I am planning on moving back to canada (I am a canadian born citizen) but my house in florida will still be for sale. I may rent it out or leave it empty.

Do I need a visa to have a house here? Will there be complications when I go to sell it and I dont have a US visa anymore?
 
1. one thing for sure that, if you rent it than you need to file the US tax return every year and declare the rental income and pay taxes on that.

2. You really don;'t need visa for having the property, you can have a vacation home in USA without having any visa and can live in that for six month (visitor status).

good luck.
 
Shyboy is correct. It will become your 'cottage' and be subject to Cdn and US taxation both on yearly renatl income and on cap gains when sold.

You can, of course, live in it 364 days a year (returning to canada one day every 6 months) without problem, as long as you maintain a Cdn residence.

There is no six month maximum per year for US purposes; the 6-month limit is a self-imposed limit that snowbirds follow to maintain Provincial Healthcare.
 
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cap gains

nelsona said:
... Cdn and US taxation both on yearly renatl income and on cap gains when sold.
Click to expand...

I thought one can avoid paying US capital gains taxes on property if that property was the primary residence, and was owned for at least 2 years? :confused:
 
This is not a tax forum.

You are correct that selling one's home after it has been your primary residence for 2 of the last 5 years does absolve one of cap gains tax. However, the moment one has rented out that property, either before or after it was one's home, some of the cap gains protection is lost.

I cover these issues at forums.serbinski.com -- not here.
 
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