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

Canada to U.S. Business Immigration Newsgroup

Topic: Tax and Financial

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Posted by Russ on September 02, 2004 at 22:37:57:

I'm a Canadian citizen, US resident for about 7 years. Have 3 rental properties bought in Canada years before working in US (on renewed TNs). Have depreciated the 3 properties every year as advised by US accoutants that if I don't - the IRS assumes you did anyway when you sell them. I've heard that once I return to Canada and break all ties to U.S. and become a non-US resident by the legal rules (ie: # days, etc.), then if I sell the properties, I don't have to pay back the depreciation taken on these properties for these 7 years as the depreciation is only for U.S. residents. Is this correct? Thx.

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