[KillerCards]

Could someone give me some info on filing taxes in the U.S. as a Canadian? This includes:
- links/name of forms/schedules I have to fill out
- what can be expense from rental property income
- is it better to declare my rental property as a business
- there is something about if I have to pay more than $1000 in taxes, I have to give quarterly estimates and payments next year. What is up with this?
- absolutely any other information, especially from Canadians that have done this before

Thank you

[NU2LV]

Talk to your accountant in Can. as they may have someone in their office that has dealt with this. When I spoke with mine there are also depreciation issues that can be looked at. I was told that it isn't a wise thing to try and do it yourself.

[Raiderman]

Originally Posted by NU2LV

Talk to your accountant in Can. as they may have someone in their office that has dealt with this. When I spoke with mine there are also depreciation issues that can be looked at. I was told that it isn't a wise thing to try and do it yourself.

I agree.. I probably wouldn't look to an internet forum for tax advice that could have ramifications for the rest of your life. But perhaps someone has an accountant recommendation..

[KillerCards]

Found that you have to file Form 1040-NR along with Schedule E and another Form for the depreciation.

[oomph]

Here is a link to The USA-Canada Tax treaty http://www.irs.gov/pub/irs-trty/canada.pdf This is a good starting point. You can look in the index and jump to the issue(s) you have. International taxation is a specialization within the tax industry.


Article 6 covers Income from Real Property.

[lvoc]

You might also consider a US accountant. There are also some property managers that specialize in managing foreign accounts.

In general you want to take income through an LLC or such and avoid moving it out of the US except rarely and deliberately. The problem is that there are an arcane set of rules about withholding that can drive one batty. Basically your tenant is required by US law to withhold on any amount they sent out of country.

[binionrat]

I'm from Canada but do not rent my condo out so I can't help you with rental income. I file only to recover the 30% they take from me from slot/gambling holdbacks. At the end of the year I have to file U.S. income tax forms to do this. I have a ITIN from them (Individual Taxpayer Identification Number) which is the Department of Treasury Internal Revenue Service number assigned to you if you are out of country and cannot and do not have a SSN. Whenever a SSN is requested on any U.S. federal income tax return or other Federal taxpayer, this number must be used. I would think this is your first step to obtain that number.

[KillerCards]

@binionrat - Yeah, I have a ITIN too and filled out a form so that my property manager does not take the 30% tax out of my rental income.

[mricu]

I highly recommend seeing an enrolled agent here in the US. They are up to date on out of country tax treaties and have to be re-certified every year by the IRS.