Serbinski Weinberg, Ltd., Certified Public AccountantsTax and other financial matters concerning Canadian professionals in the U.S. and U.S. citizens in Canada Includes income and estate taxation, social security, health insurance, retirement accounts, cross border tax issues, and other matters affecting your pocketbook. Topic Administrator: Mark T. Serbinski, CA, CPA of Serbinski Weinberg, Ltd. CPA's and Serbinski Partners, Chartered Accountants

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Topic: Tax and Financial

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Posted by Nelson on August 25, 2004 at 16:52:57:

In Reply to: buying empty lot in Canada posted by Jenn on August 25, 2004 at 16:15:30:

Hi, I've been living in the US for 4 years and plan on staying for quite a while longer but probably not forever. I am thinking of buying empty property in Canada with no plans to build anytime soon. I only rent in SF, but since there will be no home built I'm assuming this won't affect my residency status. Also, the interest on this won't be US tax deductible, right? Thanks.
Since it is not a possible residence, you are not in danger of establishing a residential tie.

As to tax deductibility of the loan interest, of course the interest is tax-deductible in US, as an investment expense on Schedule A, as is the real estate taxes and all other normal expenses associated with the investment.

The fact that it is in Canada is not relevant, nor the fact that it is undeveloped.


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