RW, you have no idea what I can and can not afford now.
The best decision of my life was to take my wife and two kids and move out of Canada after almost ten years of financial strangles.

RW, we were talking about two different things. My wife and I live and work in the United States and we pay taxes in both countries. Our primary residence now, United States. Our biggest portion of taxes payed here.

For someone who works in the us, not Canada.
US or Canadian citizens or any other country citizens working in the US and buying and selling properties in the US.

1099 for someone who have investment businesses in both countries and also working in the US.

It’s absolutely incorrect, but whatever.

There’s a reason cross-border investors have cross-border accountants, and people that can’t afford cross-border investments talk each other out of them on the internet.

A 1099 for someone with no US business can sign a declaration waiver. If you meant a 1099-DIV, Canadians can file for an adjustment to a reduced 15% from 30% on the income. 15% = less than 25% at the capital gains rate.

You’re thinking of income tax. It’s a *withholding* tax. Your tax liabilities are still to your own local country, and your capital gains in the US still apply.

See a tax professional that deals with cross-border clients, otherwise there’s a lot of terrible advice telling you to accept double taxation on profit.

If you work for 1099 in the US capital gain added to your income. If you work for salary it is also added to your income. If its investment also you are using 1099 and with real estate its hard to get passthrough taxations. Only “like kind” exchanges are avoiding capital gains, but you also have to pay capital gain tax at the end.

Property taxes are enormous in the US for anything above 2 mlns. We live in Manhattan and pay 40 k +a year for our townhouse.

Uncle Sam won’t let you be off the hook so easy with speculations and flipping real estates. Its one of the reasons why bubble bursts in the us in circles.

if you are in high income bracket its not 10% , its added to your income and can be as high as over 37% depends on the state you are in.

If its low gain and your income is low, it might be 10%.

Mike, you are absolutely right, especially if you are in high income bracket.