Canadians with foreign rental properties...
A growing number of Canadians are buying vacation property in the U.S.. Since most people can not live there year around, many of these properties are rented out when the owners are not enjoying the property themselves. Renting out a vacation property in the U.S. gives rise to U.S. and Canadian tax obligations which many Canadian citizens may not think about.
I can easily file the required non-resident U.S. federal and state income tax returns for you. Even if you do not make a profit on the rental income, you are still required to file a U.S. non-resident return reporting the income or loss each year. State returns may or may not be required - for example Arizona does not require state returns when a loss is filed but California does. This income or loss must be reported on your Canadian tax return as well.
I can easily file the required non-resident U.S. federal and state income tax returns for you. Even if you do not make a profit on the rental income, you are still required to file a U.S. non-resident return reporting the income or loss each year. State returns may or may not be required - for example Arizona does not require state returns when a loss is filed but California does. This income or loss must be reported on your Canadian tax return as well.
If you do not file the returns and the Internal Revenue Service discovers that you are delinquent in filing, you may have difficulties in entering the U.S. to enjoy your property. If you are not sure whether you are required to file returns at all, or have not filed them for many years, I can determine the most beneficial course of action for your situation.
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For Canadians with U.S. property I can help with the following:
While I specialize in Canadians with property in the U.S., I also have clients with rental properties in other countries. If your property is not in the U.S., I can not help you with any foreign tax returns that may be required but I can provide advice and prepare your Canadian tax return or help you with your Canadian rental schedule if you prepare your own Canadian tax return.
Please note that I have several clients with U.S. rental properties that have their own Canadian accountant that handle all their filings for personal and possibly corporate needs but use my services to prepare the required U.S. returns and get U.S. tax advice as needed. If you are happy with your current Canadian tax preparer (even if it is yourself!) I will not push to take over preparation of your Canadian returns.
- Advice before you purchase a vacation and/or rental property to ensure you do not run afoul of rules that you weren't aware of.
- Prepare the U.S. 1040NR return and any required state returns on an annual basis if you are renting your property.
- Prepare your Canadian return if you wish or simply provide you with the figures in Canadian dollars for you to enter yourself.
- Advice when contemplating selling a vacation or rental property to ensure that you do not run afoul of the rules.
- Prepare the final required returns to report any gain or loss on sale and get any withholding tax back that you are entitled to.
- Deal with the Internal Revenue Service on your behalf to straighten out any issues that may arise.
While I specialize in Canadians with property in the U.S., I also have clients with rental properties in other countries. If your property is not in the U.S., I can not help you with any foreign tax returns that may be required but I can provide advice and prepare your Canadian tax return or help you with your Canadian rental schedule if you prepare your own Canadian tax return.
Please note that I have several clients with U.S. rental properties that have their own Canadian accountant that handle all their filings for personal and possibly corporate needs but use my services to prepare the required U.S. returns and get U.S. tax advice as needed. If you are happy with your current Canadian tax preparer (even if it is yourself!) I will not push to take over preparation of your Canadian returns.
2012 - 2019 U.S. Non-Resident Rental Return (1040NR) - Due June 15th, 2020 - 1 taxpayerIf you are a non-resident of the U.S. for tax purposes but have U.S. real estate rental income then you need this kind of return. Once you order this return, we will send you a link to a dropbox folder and you can upload any scanned documents that you have so that we can get started.
Your tax return will be returned to you via Box or DropBox (if you have a preference please indicate in notes to seller at checkout) and you will receive an email with a link to click on to retrieve your password protected file once it is complete. |
2012 - 2019 U.S. Non-Resident Rental Return (1040NR) - Due June 15th, 2020 - 2 taxpayersIf you are a non-resident of the U.S. for tax purposes but have U.S. real estate rental income then you need this kind of return. Once you order this return, we will send you a link to a dropbox folder and you can upload any scanned documents that you have so that we can get started.
Your tax return will be returned to you via Box or DropBox (if you have a preference please indicate in notes to seller at checkout) and you will receive an email with a link to click on to retrieve your password protected file once it is complete. |