Does anyone know the Canadian/US tax implications on owning a house in Canada and living in the US (as a non-resident of Canada)?
I am currently a permanent resident in the US and am registered as a non-resident in Canada. My parents are in Vancouver, and I am planning on buying them a house there. The mortgage will be under my name and the registered owner of the house will probably also be under my name as well.
Here are a few questions I have:
1) Will I need to report the property in Canada on my US tax forms? What if it's a joint ownership with my parents? (I know that I will probably need to file an FICEN if I have $10k in funds at any point in my Canadian account)
2) Will I be able to get deductions on my US tax forms for the mortgage I paid on the property in Canada?
3) Will I need to file Canadian tax as well for owning the property? (I'm not sure if that will affect my non-resident status even if my parents are the ones living there)
4) If my parents decide to sublet the house, and if they were to collect and keep the rent, will I need to report the rent collected on my US tax forms as well? (I understand that they will need to file the rent they collect on their Canadian tax forms)
