US Cross-Border Tax Blog

Published by W.L. Dueck LLP

Posts filed under ‘Sale Of Principal Residence’

Emily Yu

US Federal Income Tax – Gains on Sale of your Canadian Home Part 2

When an individual moves from Canada to the US, he must decide whether to keep or to sell his former home in Canada. Depending on the decision, it may result in different income tax or reporting implications in Canada and the US. When an individual ceases to be a resident of Canada, he is deemed to have sold his worldwide assets (with some exceptions) and is subject to Canadian tax on any accrued gains in the year he emigrates from… Read More

AndersenTax

US Federal Income Tax – Gains on Sale of your Home Part 1

Generally, Canadians living in Canada are not subject to tax on gains from the sale of their principal residence. However, for a Canadian resident who is also a US citizen or resident (including permanent resident or “green-card” holder and those meeting the “substantial presence” test), the same capital gain may be taxable on his or her US income tax return. Under US Federal tax law, an individual may exclude from income up to US$250,000 of gain from the disposition of… Read More