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13
Posts
5
Votes
Gustavo R.
  • Investor
  • Baltimore, MD
5
Votes |
13
Posts

Avoid double taxation while flipping in Baltimore but residing in Canada

Gustavo R.
  • Investor
  • Baltimore, MD
Posted

Hello guys! Glad to be part of this community.

I live in Toronto, Canada but I'm starting my first flip now at the end of September in Baltimore/MD, closing is September 20th. The reason why I decided on Baltimore is because my friend-partner lives there and he had done 20+ flips in the last 3-4 years. I have a few questions and need guidance from people more experienced than me. 

Can I be double-taxed by the USA (IRS) and CANADA (CRA) when doing my flips or holding rental properties in the USA while living in CANADA? If yes, is there a way to avoid being double-taxed without the need to move to the US?

It seems the US has more tax benefits in Real Estate than Canada (I'm not sure) - How can I take advantage of it while residing in Canada?
Any recommendations of CPA that are familiar with that type of scenario I described above?

And last thing, my LLC has EIN but I don't have ITIN - I'll be physically in Baltimore in few days. Is it possible to open a bizz bank account without ITIN?

Thank you

Gustavo

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