Credit to: Tax News
: Things to consider about owning U.S. property
(Special) ? Winter brings with it the dream of many Canadian snowbirds of owning a piece of property in the sunny south. With the recent rebound in the U.S. housing market and a decline in the value of the Canadian dollar, however, buying vacation property south of the border may not be quite as appealing as it was a couple of years ago.
?If you are just looking for a property deal you are probably too late as the housing market has already rebounded and the Canadian dollar has dropped against the U.S. greenback,? says Cleo Hamel, a senior tax specialist with American Expat Taxes. ?Before you begin you should ask yourself some important questions, because how you answer them could well determine whether this is the right decision for you.?
Whether you are interested in purchasing property in the U.S. as a vacation home or strictly as an investment, there are many things to consider - property management if you are to be an absentee landlord, residency rules, differences in mortgage financing and how interest is charged, income tax implications, estate tax implications, and the list goes on.
This is not as simple as buying a property and making decorating decisions.