Moving to canada from US after 7 years. Need advice on my single family home in US
- Thread starter pseetha
- Start date
Unless you need cash in canada, renting would be a good option. But, do consider legal aspects of selling later and moving money to canada, as well as taxation. Although, if I were you, I would sell it and be done with it.
$ might not be the point. Just trying to understand the pros and cons of maintaining a home in US and living in canada. Rental experience for landlords..[/QUOTE]
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We have rental properties in the US which are handled by a management company. If you're going to do it, definitely hire a management company that can manage the property in your absence.
We have rental properties in the US which are handled by a management company. If you're going to do it, definitely hire a management company that can manage the property in your absence.
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Is your rental meeting your monthly due - principal + interest+ property tax? Also property management's share. I'm worried if the rent would meet it
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Is your rental meeting your monthly due - principal + interest+ property tax? Also property management's share. I'm worried if the rent would meet it
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Is your rental meeting your monthly due - principal + interest+ property tax? Also property management's share. I'm worried if the rent would meet it[/QUOTE]
Yes - in almost all years we make a profit.
But of course your experience may be different. So many factors go into real estate rentals (location, price point, vacancy rates, etc.).
You'll have to do the math and figure out if it makes sense for you.
Is your rental meeting your monthly due - principal + interest+ property tax? Also property management's share. I'm worried if the rent would meet it[/QUOTE]
Yes - in almost all years we make a profit.
But of course your experience may be different. So many factors go into real estate rentals (location, price point, vacancy rates, etc.).
You'll have to do the math and figure out if it makes sense for you.
We have a townhouse in one of the best school districts close to DC. Selling would have been a loss at this point. Rented out our home and have a property management company + friends nearby.
Our rent does not completely cover our mortgage and other expenses as we have 15 year terms. But we still look at it as a gain as the rent is paying for most of the expenses and its an investment. we also hired a good tax consultant to manage the taxation part as we are foreign investors
Our rent does not completely cover our mortgage and other expenses as we have 15 year terms. But we still look at it as a gain as the rent is paying for most of the expenses and its an investment. we also hired a good tax consultant to manage the taxation part as we are foreign investors
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I'm in 30 year..I hope it's covered..since its a single family which are relatively difficult to rent than townhouse or apartment
we have visitors visa to travel and check on the house if need be. also we are in driving distance
Not exactly driving distance. It's like 5 hour drive. But just thinking from monthly due for home vs rent perspective
I am a Canadian and can advise you a bit.
- You must declare this house in the form you get to fill at the time of first landing.
- Continue declare properties outside Canada in every tax return. There is a form to do that.
- If you follow above 2 steps, you need not to pay taxes when you sell a property and bring back the money to Canada.
- THERE IS ONE THING YOU MUST CONFIRM FROM US SIDE: You have to file tax in US if you own the property and getting rent. US has a policy of "world wide income" and in that case make sure that you need not to pay taxes on your Canadaian income also, though i doubt because never lived in US so cannot firmly confirm.
- You must declare this house in the form you get to fill at the time of first landing.
- Continue declare properties outside Canada in every tax return. There is a form to do that.
- If you follow above 2 steps, you need not to pay taxes when you sell a property and bring back the money to Canada.
- THERE IS ONE THING YOU MUST CONFIRM FROM US SIDE: You have to file tax in US if you own the property and getting rent. US has a policy of "world wide income" and in that case make sure that you need not to pay taxes on your Canadaian income also, though i doubt because never lived in US so cannot firmly confirm.
This is true; we have a good accountant to make sure we are doing everything right. I am not sure about the 30% tax for rent on non US residents. we have not heard of it so far.
We also listed this on our tax filing here