Owning a US Vacation home and taxes

[rmilton]

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

[agnelson]

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.

[Steven]

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.

[agnelson]

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

[Steven]

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

[gdcw]

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

[cribsshow]

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

[agnelson]

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