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June 5, 2019
Question

I am Canadian,sold a rental condo in Florida in 2018. For capital gain, how can I calculate the tax amount due to capital gain and which line it goes to?

  • June 5, 2019
  • 1 reply
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am Canadian and sold a rental condo in Florida in 2018. For capital gain, is it taxed at different rate than rental income? How can I calculate the tax amount due to capital gain and which Line I put it in?  I put the total capital gain and rental income into line 41 and 42 and can’t figure out how the rental income and capital gain are taxed differently.

 

Every year, I have rental income loss incurred after claiming full Depreciation, how can I use these rental income loss to reduce the deprecation recaptured amount?

 

With Depreciation recapture, should I use the full amount as per IRS, or should I use the amount as per I filed my tax every year, as I used the Alternative depreciation approach (40 years amortization). 

 

Can I efile form 1040NR?

 


    1 reply

    June 5, 2019

    If you are a nonresident of the US (see substantial presence test calculation below), you need to file a nonresident tax return.

    TurboTax does not support nonresident returns.

    However we have a partnership with Sprintax offering a nonresident tax filing solution to our TurboTax customers.

    Visit the TurboTax/Sprintax site for more info or to get started.

    http://madanca.com/articles/entry/tax-implications-for-canadians-selling-us-property-real-estate/




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