Capital gains tax home sales
Posted date : Sep 14, 2023.
Realizing a profit from selling a car isn’t taxed as a “capital gain,” so why is a house which is registered as a vehicle, as per my requirement to buy a licence sticker for my front window from the Florida Department of Highway Safety? Which country is requiring me to pay this capital gain? Canada or the U.S.?
Brent Murday
Ontario
Ed.: In accordance with the U.S. tax code, you are required to disclose the sale of the property and pay capital gains tax, if applicable. Similarly, this gain would need to be disclosed on your Canadian tax return as well, but you may be able to use foreign tax credits to offset or minimize any tax owed in Canada.
