ARTICLE · 04 JULY 2014

Five Things Canadians Need To Know Before Selling US Real Estate

Moodys Private Client Law LLP

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With the Canadian dollar weakening and the price of US real estate rising, many Canadians who have previously purchased US real estate may now be tempted to sell.

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With the Canadian dollar weakening and the price of US real estate rising, many Canadians who have previously purchased US real estate may now be tempted to sell. Those who purchased after the epic US real estate meltdown may walk away with a hefty profit. However, it is important for every Canadian who is considering selling US real estate to be aware of certain key US and Canadian tax issues in order to avoid getting mired with potentially disastrous consequences. The following are the five key tax issues for a Canadian resident planning to sell personally-owned US real estate, assuming the individual is not a US citizen or otherwise a US person (a determination which is surprisingly complex).

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