Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Purchasing US real estate as an investment

Tron_fdc · 07-06-2023, 11:41 AM

I've bought and sold in Arizona.

GET AN ACCOUNTANT who understands Canada/USA taxes.

Also be aware, when you eventually sell your property the US government can withold up to 50% of the sale in ESCROW until you prove all the taxes are paid. We worked with the selling realtor before the sale closed and the IRS "only" withheld 20% which was $100k, and it took almost 3 years to recover it.

Buying a property in the US is super easy. But selling and pulling all your funds out of the USA is a giant, enormous, ridiculous PITA. I likely would NEVER do it again.

07-06-2023, 11:41 AM	#16
Tron_fdc In Your MCP Join Date: Apr 2004 Location: Watching Hot Dog Hans Exp:	I've bought and sold in Arizona. GET AN ACCOUNTANT who understands Canada/USA taxes. Also be aware, when you eventually sell your property the US government can withold up to 50% of the sale in ESCROW until you prove all the taxes are paid. We worked with the selling realtor before the sale closed and the IRS "only" withheld 20% which was $100k, and it took almost 3 years to recover it. Buying a property in the US is super easy. But selling and pulling all your funds out of the USA is a giant, enormous, ridiculous PITA. I likely would NEVER do it again.