Canadians with US Rental Properties
If you are a Canadian citizen and own residential rental property in the US, you are subject to U.S. income tax on rental income you receive from your U.S. real estate property.
1. As a property owner you are required to report any rental income if you rent the property more than 15 days a year.
2. Deductions that can reduce your rental income are repairs, insurance, interest paid, management fees and travel costs.
3. If you reside outside the U.S. on April 15, you get an automatic extension until June 15. If any tax is due it is due by April 15th.
Insights / View All
-
When to use the W-8Ben Form?
You may have heard about the W-8 Ben form and wondered if U.S. Citizens are required to file it. T…
Learn More -
The W 8 Form: Who It’s For and What It Does
You must give Form W-8BEN to the withholding payer if you are a nonresident alien who is the benefic…
Learn More -
Non-Taxable in Canada means Non-Taxable in the U.S.
Correction: With the Principle Residence Exemption, a U.S. citizen may exclude from income up to $2…
Learn More -
Three things Canadians should know before selling U.S. real property
Three things Canadians should know before selling U.S. real property The following are key tax i…
Learn More