QUESTION
What is the best way for a foreigner to address taxes on a rental income?
Asked on Aug 11th, 2015 on Landlord and Tenant Law - Ohio
More details to this question:
I am a Canadian resident looking to buy a condo. The condo generates monthly rental income. What are the tax considerations on rental income and possible capital gains for a Canadian resident? Is it more advantageous to setup the condo with a Canadian mortgage or a US-based mortgage?
1 ANSWER
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Usually the best way to own a business in another country is to set up a corporation and have the corporation own the property. You'll have to set a U.S. mortgage, in hold a mortgage, the lender must be an entity which can legally do business in the U.S. State where the property is located.
Answered on Sep 14th, 2015 at 12:11 AM