Canadians Investing in Florida Condos


(Montreal, Quebec)

Hi,

I live in Montreal, Canada and I have 2 questions.

1) Is it worth buying a condo in southeast Florida and renting it out long term during these times?

2) I would like to buy a condo in Florida with my sisters for personal use. If I rent out the condo for part of the time, what would I be able to deduct on my tax return?

Also, is it better to file a US or Canadian tax return for these properties.


Thanks for your attention and your amazing website!


Nilda

Comments for Canadians Investing in Florida Condos

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May 28, 2010
RE: Canadians Investing in Sunny Florida, USA
by: Tom Karadza

Hi Nilda,

Thanks for your questions!!

Without much more background information about you and your goals this is a tough one.

1. I would say this ... it's never a good time to invest in anything unless you have intimate knowledge of the investment. So if you know the community, the State and the people there like the back of your hand...then you'll know if the community is in a growth stage or not.

We stay 100% away from properties in communities we don't have good knowledge of.

One bad property can ruin the positive returns of half of dozen good ones.

2. Taxes are tricky for Canadians investing in the U.S. and the U.S. laws will treat you differently than U.S. citizens and Canada will want some tax money too! So....start looking for an accountant that is certified in both Canada and the US and has experience with Canadians owning in the US. They will be the right source for this answer.

Thanks for the feedback and I'm sorry we couldn't be of more help on this!

Tom.

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