Hello there
I agree with Thomas, in that this should not be done if you owe the property personally. Yes you can defer the US capital gains with a 1031 like exchange, but CRA does not recognize the 1031 exchange and will require you to report your capital gain in Canada and pay the tax on...
I will 100% agree with Barry. Stay far, far away from anything that is promoted as a donation tax shelter. The bottom line is if you pay $100, it is not worth the $500 or whatever the "appraisal" say it is. You have establish the fair market value of an item by purchasing it for $100. You...
Hello everyone
I response to the comment regarding the US tax system far from simple cannot be dismissed that easily. As a Canadian CA and a US CPA, I can say that the tax system in the US is far more complicated than that of Canada's. Picking the right structure to own your US real estate...