Capital gains tax on house sale after immigration

[icb 0]

I have just received my CR-1 visa package (passport with visa and sealed envelope). My understanding is that the next time I enter the US, I must go through the formal immigration process (give them the package, get my passport stamped, etc). I would like to visit my wife (US citizen) and her family in Michigan for Thanksgiving, and then come back to Canada to complete the sale of my house, etc). My question is this: If immigrate, and then a month or so later sell my house in Canada, will I be charged any capital gains tax on the proceeds of the house sale? In other words, will this now be considered income by the IRS since I will have immigrated prior to the sale of the house?

[NigeriaorBust 4,087]

If you file jointly then you must report both parties incomes subject to qualified ewxemptions.

[Gosia & Tito 199]

I have just received my CR-1 visa package (passport with visa and sealed envelope). My understanding is that the next time I enter the US, I must go through the formal immigration process (give them the package, get my passport stamped, etc). I would like to visit my wife (US citizen) and her family in Michigan for Thanksgiving, and then come back to Canada to complete the sale of my house, etc). My question is this: If immigrate, and then a month or so later sell my house in Canada, will I be charged any capital gains tax on the proceeds of the house sale? In other words, will this now be considered income by the IRS since I will have immigrated prior to the sale of the house?

As I recall, and this could've changed since the last time I sold a house; capital gains are taxed above the 250k mark, that is you made a net gain of more than 250k from selling said house. And that was for single people. Married is/was double that I think. You can check the IRS site for the latest: http://www.irs.gov/publications/p523/ar02.html

Most important to consider: "To exclude gain under the rules in this publication, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. " .

[icb 0]

As I recall, and this could've changed since the last time I sold a house; capital gains are taxed above the 250k mark, that is you made a net gain of more than 250k from selling said house. And that was for single people. Married is/was double that I think. You can check the IRS site for the latest: http://www.irs.gov/publications/p523/ar02.html

Most important to consider: "To exclude gain under the rules in this publication, you in most cases must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date of sale. " .

Thanks for the info and link; I'll take a look. This is similar to what my wife has heard.

[MI.PI 7]

If you sell the house after you have permanent residency and you and your wife file a joint US tax return, the gain from the sale of your house in Canada will be subject to capital gains tax. I am not sure if the gain will also be subject to Canadian tax. If so, the amount of Canadian tax on the sale of the property can be used as a foreign tax credit on your joint US tax return.