Vancouver Condo Real Estate Video Blog #556 - May 27, 2010
Using Your Canadian Real Estate Losses For An American Tax Write Off
Ian Watt video blogs about how he has a client who is using his Canadian Real Estate Tax Losses For An American Write Off against his US income - check with your accountant for more details. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian Watt: Hi Good afternoon! It's Ian Watt in Downtown Vancouver. I have a client whose an international client, his from the United States, he bought a place a few years back at the peak of the market. And what did happen he paid top dollar for it obviously in Vancouver or everywhere in the world. The prices have corrected somewhat, and what he was concerned about was all these losses that he would take. But it turns out after speaking with his tax accountants in the United States, he's able to use some of those losses from the Canadian purchase in United States is rather interesting. I'm not an accountant but check with your accountant if you are an American Citizen only in Canadian properties in Vancouver and you're going to have to take a lost by selling them at the present market value. Make sure you check with your accountant because I am not an accountant. My name is Ian Watt. If you have any questions, you could always me at ianwatt@ianwatt.ca. Thank you very much and have a great day!