Canada tax rules

[TAXMAN]

Help. TP is a US citizen all his life. TP inherits land in Canada. TP wants to sell land and has a contract from Canadian business who wants to buy. Here is the catch.

1: Does tp need to get a ITN number for Canada? Form T1261?

2: Is basis on Canadian land the same as US land when inherited?

3: Is TP required to file a Canadian Tax Return?

4: Would there be a Canadian tax withheld at closing and paid over to Canada under the above stated # (itn)?

5:Would the sale proceeds be handled through the Estate of or would they go directly to the TP who inherited?

6: Is there an exemption from Canada Tax where US tp pays in US?

7: How to correctly fill out form T2062A?

8: Does tp need to get IRS form 6166?

If you can help me with this, email me direct with name and a phone # for contact.

Thank you very much for help

.

[Lynn EA USTCP in Louisiana]

My go-to guy for Canadian individual returns is an Enrolled Agent in Nebraska:

Joseph Smith, EA

TravelTax

PHONE	402.379.7818 (US) 613.800.7145 (Canada) 866.272.7871  (toll free, even from Canada and the Caribbean) Skype number = traveltax
FAX	877.872.8829
For US Postal service	PO Box 1643, Norfolk, NE 68702
For UPS, Fed Ex	1611 Koenigstein Ave. - Norfolk, NE 68701
	[email protected]

[kcjenkins]

Tim Parris is who I always turned to for questions on Canada,  

I think Joan also is familiar with the rules in Canada.

[Max W]

This might help to orient an get a little background on the subject.

http://turbotax.intuit.ca/tax-resources/inheritance-tax.jsp

[TAXMAN]

KC how do I find these 2 people?

[kcjenkins]

Joanmcq is a member here, you can pm her.  I sent you Tim's LinkedIn contact info.