Canadian citizen moving back from US - cost amount on US property

[CanadianInNYC]

Hi all,

I've done a lot of Googling and haven't been able to find a clear answer for this, so hoping that experts here would be able to help.

I'm a Canadian citizen who's been living in the US for the past 20 years, and will be moving back in 2 weeks(!)
I have a condo in New York that I bought 4 years ago, that I will not be selling upon my return. And I have a few questions:

1. is there anything that I need to declare regarding the condo as I resume residency at the airport?

2. when I eventually file the T1135 form after I move back, is the Cost Amount of the condo what I paid for when I bought it? Or is it the value when I become a Canadian resident again?

3. if the Cost Amount is the condo's value when I become a Canadian resident, what kind of documentation would I need to show the valuation?

I know this is really cutting it close, any information or advice would be very much appreciated!

 

[steaky]

1) no
2) the cost will be the value of the condo in two weeks; you can order an appraisal now if you want
3) you need an appraisal or something that document its value

 

[CanadianInNYC]

1) no
2) the cost will be the value of the condo in two weeks; you can order an appraisal now if you want
3) you need an appraisal or something that document its value

Thank you Steaky that was super helpful! Will be getting an appraisal before I come back.