Living Will Benefits Pros
moving to US, should I sell my rental property in Toronto, Canada?
Hi, my wife is US citizen, I am living in Canada and have a rental property and my own property in which I am living with my family at the time being. I will be moving to US soon and leaving my property for my parents to live in and I will be paying mortgage for them while I am working in US by sending money back to Canada, should I do that or sell that house and let my parents rent somewhere else? what are the benefits, pro or con of either way? and should I also sell my rental property as well or should I consider keeping it for now and sell it later hope for housing value will going up in the future? (again, my properties are in Toronto, Canada). Does US government charge tax on my properties in Canada? Thank you
Firstly, the US will tax your income from the properties you have in Canada for one if you have any rental income to show for it.
I am assuming that you have only one property in Canada. That said, are you planning to buy a home in the US? Your home in Canada could be considered a vacation home, not an investment home. Now then, do your parents pay you rent? If the answer is yes, then I would let them pay the mortgage off for you. If not, I still suggest you keep the house. If you buy a home in the US, you could always take out a line of credit for the 20% down payment on a home. That way, you could avoid paying the PMI and the interest is tax deductable. Also, with the housing market the way it is, I would not sell now anyways. You would not get top dollar for your property.
I cannot see any upsides to selling your house right now except to get some quick cash for it. Keep your house, get tax breaks from it, and if you want, sell it when the market gets better. Good luck with it.
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