Buying a house on a TN Visa

Answered already; read the thread

I see you're on a visa through 2012, but how long have you been here?

When I applied for my mortgage, I was only on a one-year renewable TN, but I'd been here 7 years so they said at that point I wouldn't be treated any differently than an American.

Granted, that was 2 years ago, before this whole "housing crisis"...

Sorry, you did not answer the question? If you buy a house in USA, while under TN visa, AND sale the house later AND make a profit , is this OK? TN says you make money only from your work under TN.
What is the difference,? 2 years or 10 years with TN?
thanks for reply

If you buy a house in USA, while under TN visa, AND sale the house later AND make a profit , is this OK?

See how much better it is to ask your own question, instead of including meaningless quotes from prevous threads?

Your TN only controls EMPLOYEMENT. You are free to make other passive income, such as interest and capital gains. Besides, gains made on your residence don't even qualify as income.

The point about how long one has been on TN goes to the issue of getting and building credit, not on whether one can make non-wage income.

I am in the same situation( TN until 2012), and planning to buy a house.
If for whatever reason i need to sell this house and make even a small profit, is this like making money without TN visa?
thanks, dan

I have a couple of quick questions:

I am a Canadian working in the USA with TN Status (expiry 2012). My wife will join me in the USA in Feb2010 when we will sever our ties to Canada. We rent in Canada and therefore do not own a home in Canada. We will terminate rent of our apartment in Canada in Feb2010. We will buy a home in the USA in March2010.

Question#1) Are we elgible for the $8K tax credit in the USA if this will be our first home purchase. [given I am a Canadian living in the USA on a TN work visa]

Question#2) Is the interest paid on the mortgage eligible as a tax deduction on my USA taxes? [given I am on a TN status work visa].

your home is not a business

thanks to all

dan new to this site

One of the previous threads mentioned that a TN Visa holder is eligible for a $8K first time home buyer credit. Could you please point me to a website / article where this is mentioned so that I can read more about it?

Thank you.

I am on TN visa( status)until nov 2012,and ready to buy a house with tenants.Am I allowed to take the rent money myself, directly, from renters, or shall i use a property managment company?
Under TN visa i cannot make money, except from my job.
What would the IRS say in my case?
thanks in advance

You can make passive income from investment including rent. You cannot manage the property or make repairs.