5 Things Canadians Need to Know About Buying U.S. Real Estate Watch Video
Allan Madan, CPA, CA
Allan Madan is a tax expert and a cross border tax accountant Toronto, Ontario, Canada, Read More…
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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We like to make sure that all information is as direct and concise as possible.
Thank you !
The Team at Madan CA
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Thank you !
I bought a US property using a LLC. I want to transfer ownership of the property to a LLLP. What should I do?
Thanks you.
Hi Rona,
Thank you for your question. What you would need to do is to convert the LLC into a LLLP. This is a complex procedure and it depends on which state you’ve established your LLC. The exact process depends on your circumstances. Therefore, you should definitely consult a tax professional to discuss in more detail.
Please do not hesitate to contact me.
– Allan
(905) 268-0150
Do you do streamline procedure tax filings for us residents living in Canada?
Hi Caron,
Americans living outside of Canada who are behind in filing their US tax returns can catch-up with their tax filings through the “Streamlined Process.” To qualify for the streamlined process, you must meet the following criteria:
1) You are low compliance risk (this means that your tax situation is not complicated)
2) You have lived outside of the United States since January 1, 2009
3) You ave not filed a US tax return since January 1, 2009
Pursuant to the Streamlined Process, you must file the following returns:
a) US personal tax returns for the previous 3 years, plus the current year
b) Report of Foreign Bank & Financial Accounts for the previous 6 years, plus the current year
Please contact me if you would like to discuss this matter further.
Thanks,
Allan Madan, CPA, CA & Team
Excellent information. I do have one question .
Proposed structure is LLLP in US, General partner in LLLP is a Canadian Corp. LLLP Partners s are 2 investors in Canada. Rental income will be issued directly to LLLP partners. So.. If the startup capital is from a Home equity LOC, can the interest on the HELOC be deducted from personal income tax ( of Limited Partners) as it would for a Canadian investment ? Of course we’d like to save taxes and offset any borrowing costs anyway we can … wouldn’t everyone 🙂
Thanks