Tax implications of Canadians selling U.S. property under Foreign Investment in Real Property Act

By Mark Feigenbaum ( June 21, 2024, 3:38 PM EDT) -- The real estate market is heating up again in some areas of the United States, and Canadians may be interested in selling, particularly in time for changes in the capital gains rates in Canada. There are tax consequences for doing this, which need to be understood. We will assume in our examples that the individual is a Canadian tax resident and all dollars are at par....