Buying Real Estate in the US: The Concise Guide for Canadians by Dale WaltersBuying Real Estate in the US: The Concise Guide for Canadians by Dale Walters

Buying Real Estate in the US: The Concise Guide for Canadians

byDale Walters

Perfect | October 18, 2016

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If you are interested in owning US property, Buying Real Estate in the US: A Guide for Canadians will help you navigate the daunting legal and tax issues surrounding buying US real estate as a foreign buyer.This book will guide you on a safer, clearer, and more economical path to reaching your goal of owning US real estate, while avoiding the possible severe tax consequences and the many other complications that may arise in the process. The author covers information crucial for Canadian snowbirds becoming US property owners, such as:· The opportunity· How to own the property· US withholding tax· Nonresident US estate tax· Income tax consequencesIf you find yourself more confused than certain when thinking about these issues, this book will empower you to become a confident and well-informed buyer, ready to face the US real estate market. The author explains what you need to know, from the lucrative opportunities of investing in US property, to specific tax filing requirements.Use the comprehensive and practical information in this book to ensure you experience the enjoyment rather than the hassle of becoming a US property owner.
Dale Walters is a partner and CEO of KeatsConnelly. Serving clients for over thirty years, Dale was twice named one of the top financial advisors in the US by Mutual Fund Magazine, and has led the firm to numerous awards, including being named one of Arizona’s Most Admired Companies, Phoenix Chamber’s Impact award for Company Culture, ...
Title:Buying Real Estate in the US: The Concise Guide for CanadiansFormat:PerfectDimensions:136 pages, 9 × 6 × 0.27 inPublished:October 18, 2016Publisher:Self-Counsel PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:1770402586

ISBN - 13:9781770402584


Table of Contents

Acknowledgments ixIntroduction xi1 Why the US? 11. US Housing Appears to Be a Bargain 22. Short Sales and Foreclosures 32.1 The traditional sale 32.2 The short sale 42.3 Foreclosure or bank-owned property 63. Currency 64. Before You Get Started 72 Forms of Real Estate Ownership and Factorsto Consider when Choosing 91. Types of Ownership 10Contentsiv Buying real estate in the US1.1 Direct ownership 101.2 Indirect ownership 172. Protecting Your Assets 182.1 US homestead exemptions 183. Pros and Cons of Different Entities (As It Relatesto Canadians Buying US Real Estate) 193.1 Canadian entities 223.2 US entities 254. Owning Multiple US Properties 295. Investors with Worldwide Assets Greater Thanthe US Exemption Amount 313 Income Taxes 351. The Basics 352. Rental Income 372.1 Rental income under direct ownership 372.2 Rental income under indirect ownership 443. Frequently Overlooked Deductions 544. Taxes on Selling the Property 554.1 State income taxes 584.2 Canadian filing requirements 584 Nonresident US Estate Tax and Probate 731. Green Card Holders 742. As a Nonresident, When Are You Subject toUS Estate Tax? 752.1 The US-Canada Tax Convention (Treaty)Article XXIX B (Taxes Imposed byReason of Death) 772.2 How the US nonresident estate tax works 853. A Dollar Is Not Always a Dollar 88Contents v4. Probate 944.1 State-specific rules of probate 955 Other Things You Need to Know 971. Other Filing Requirements 981.1 Department of Commerce filing requirements 982. Other filings 1032.1 California Proposition 1043. Overview of Issues That May Come Up in theBuying Process 1063.1 Title insurance 1063.2 Finding a real estate agent 1073.3 Closing costs 1083.4 US mortgages 1083.5 Foreign currency 1094. Hiring a Property Manager 1104.1 Tenant rights laws 1115. Alberta Reciprocal Enforcement of Judgments Actand Other Reciprocal Laws 112Conclusion 113Appendix I: Checklist for Buying Real Estate in the US 115Appendix II: Resources 117About the Author 121Figures1. Basic Decision Tree 301. Two-Tiered Limited Partnership 35vi Buying real estate in the USSamples1. US Nonresident Alien Income Tax Return(Form 1040NR) 392. Certificate of Foreign Person’s Claim That Income IsEffectively Connected With the Conduct of a Tradeor Business in the United States (Form W-8ECI) 453. Application for IRS Individual TaxpayerIdentification Number (Form W-7) 464. Schedule K-1 (Form 1065) 535. Application for Withholding Certificate forDispositions by Foreign Persons of US RealProperty Interests (Form 8288-B) 576. Form T1135 637. Form T1134 668. United States Estate (and Generation-SkippingTransfer) Tax Return (Form 706-NA) (Example 1) 869. Form 706-NA (Example 2) 8910. Claim for Exemption (Form BE-15) 99Tables1. A Comparison of Housing Costs 22. Canadian Dollar in US Funds (Annual Average) 83. States That Allow Transfer of Death (TOD), a.k.a.Beneficiary Deed 114. States That Allow Ownership as Tenants by Entirety 135. Summary of the Pros and Cons of Ownership Types 206. Tax Tables 487. Tax Filing Requirements 608. Unified Estate and Gift Tax Rate Schedule 919. Which BE-15 Form to File 105 - 20160210