Q: We are looking at buying a place in Chandler, Arizona and have had negative feedback from our accountant only hearing about the possible problems. We have been thinking about it for 3 years and feel that now is the time before the market changes. We have decided on the complex we want and have been there 3 times. This will be a cash sale with us carrying no mortgage. We are still young and won’t retire for another 10 years, so will only be staying there 3-4 times a year. We are not sure about renting it out, and if we do it will only be for people we know from BC. I am interested in knowing about any potential problems we may have being from Canada with this purchase? Mainly on the tax issues and legal aspects. Will we be required to file a US tax return? Any info you can give us will be greatly appreciated.
A: I am glad you have looked along time, have assessed the ins and outs and compared prices.
In my newsletter I have stated that we believe 2012 will be the bottom for USA real estate.
We like Phoenix (I am investing there as well … and Chandler is a good area).
The best thing is to sit down with a cross border specialist and have him assess your total situation and advise you accordingly.
On February 4 we have a USA focused Landrush conference. A leading accountant is flying up from
Phoenix to speak at our event as well as 2 other speakers from the US.
Look it up here www.landrushcanada.com