Elon Musk fires Twitter board, making himself sole director – Al Jazeera English + MORE Nov 1st

We are selling our U.S. park home in Mesa, AZ. It has increased by about USD$47,000. Would we have to pay capital gains or any taxes in Canada or the U.S.?—Mary & Vic

Tax implications of selling U.S. real estate

Canada taxes its residents on worldwide income. This means income in other countries is generally taxable in Canada. The U.S. taxes the sale of U.S. real estate by non-residents. So, Mary and Vic, a Canadian selling U.S. real estate can have tax implications in both countries.

What are the U.S. tax implications?

The U.S. government allows exemptions from capital gains tax for real estate in certain circumstances. Similar to the principal residence exemption in Canada, there is a principal residence exclusion in the U.S. It allows a capital gains tax exclusion of up to $250,000 of the capital gain on the sale of a qualifying home. For a couple, the exclusion is doubled to a total of $500,000.

U.S. taxpayers can also postpone paying capital gains tax if they sell a rental or business property and replace it with a similarly valued property…

Elon Musk fires Twitter board, making himself sole director  Al Jazeera EnglishElon Musk’s Twitter takeover has some users considering leaving site  CBC News: The NationalBefore Elon Musk destroys Twitter, here are 7 of his other failures  MobileSyrupLike Trump, Elon Musk reveals a vapid mind super-charged by wealth and ego  The GuardianElon Musk, who runs four other companies, will now be Twitter CEO  ReutersView Full coverage on Google News