Any Canadians own property in Florida - or elsewhere in US?

[vickiea]

My husband and I have been throwing around the idea of purchasing a condo in the Orlando area to have as investment property, that we could also use for our vacations.

Does anyone here have experience purchasing property in the US that you then rent out, etc.

I am looking for info on the rules and regulations etc. Do you pay taxes there on income, or just here? Any restrictions on how much ($$ wise) you can own?

If anyone has any details that would be great.

Thanks
Vickie

 

[BellyBaby]

Hi there,

We just bot a house in Emerald Island. You have to pay tax in the States, as well as in Canada. In the States, you can either pay 30% of your rental income straight away , OR, what most people do, register for an Individual Tax Indentification Number (ITIN), and submit a US tax return, where you deduct all your expenses off your income. Usually you have very little taxable income after mortgage interest, property taxes, maintenance, etc. Since we have a tax treaty, Cdn portion wouldn't be bad.

I worked with Karyn Smith at Imagination Realty in Celebration, she works with "foreign investors" (that's us), we liked her alot. Her website has a TON of information about buying in the area, renting out, etc. www.SearchFloridaHome.com. The zip you'd want is 34747 or 34746 for properties just below the I92. It takes awhile to go thru all the info on her site, but it's all very good.

Best of luck, we're going down next weekend to close. Any more questions just ask! Try to answer in between all the craziness that's going on now. US mortgages/banking system are WEIRD!