Owning a US Vacation home and taxes

Does anyone know if you own US real estate as a vacation home and don't rent it out. What are the tax implications?

You will pay US cap gains tax when you sell, as well as in canada. 1/2 your US cap gains will be credited to you on your Cdn return.

That is about it.

Yeah, it's subject to capital gains tax when you sell it - if you die the probate has to be done where the property is, not where you reside.

Have a read of CRA form T1135 and this publication: http://www.cra-arc.gc.ca/E/pub/tg/p151/README.html which give more details.

T1135, which is filed to report foreign property, specifically does not apply to vacation homes.

Which was the point I was making, the instructions on it explain the difference.

i have a question ...who has delt with a reliable well informed realter in south florida thanks david p/s any advice on buying re owning a home

Hi,

Canadian citizen, residing in Canada interested in purchasing a home in the US.
Are their any canadian lenders who would finance a purchase of this sort.
I have been pre-approved to buy our principal residence in Canada, however, would not qualify to purchase a home in the US as lending requirements are quite a bit stiffer.

sincerely,

Curtis

Not generally. If you were buyinga property in US along the border, you *might* get a Cdn lender, but not down south.

If a Canadian owns property in the U.S. is inheritance tax only paid on the U.S. property?
My sister seems to think the U.S. gets there fingers into everything and the estate also has to pay U.S. tax on all Canadian property and assets too.

The Cdn citizen and resident would only be subject to US estate tax on their US holdings (in situs is the technical term).