Tax Question (condo, rental, claim, state)

[KillerCards]

I am a Canadian, buying a condo in Las Vegas which I will rent out full time. What are the tax implications of this for me in both the U.S. and in Canada? I know that 30% of rental income is taking right away, and that I will have to file taxes in the U.S. inorder to state expenses to get some of that tax back. Do I have to claim rental income in Canada as well? Will this mean I will be paying double the tax??

Any help or experience with this would be greatly appreciated.

Thank you

[399083453]

Ask a tax professional in Canada.

[Silverfall]

You can read about FIRPTA at the IRS site (http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html - broken link) but you really need to talk to a CPA in Canada.