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Hear Hot Property with Ozzie Jurock every Saturday morning between 8:30-10 am on CKNW AM980
Tip of the Week:
11/3/07
Lots of Canadians looking to buy property in the US
Apart from the fact that the market is not falling everywhere there are some other considerations:
Taxation and reporting your investment
US/Canada tax ace David Ingram (www.centa.com) points out:
California may be the worst state for a Canadian to buy in terms of the paperwork and tax payable. Califronia's 540NR and CA(NR) form tax return requires you to report all your Canadian income as well when calculating California tax. In addition, California is one of the few states with an Alternative Minimum tax.
The best states for paperwork and income tax are Washington, Nevada, Texas, Florida and Alaska ... If you are making a profit on your investment.
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