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International Real Estate Tax Implications
Recently I formed a corporation with three others who are all Canadian in Canada and we made out first purchase. How do I go about understanding the tax implications that will come with doing business in Canada from the US? Who would I get in contact with? I’m not really sure who my best resource would be... Any feedback for be appreciated.
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#5 Tax, SDIRAs & Cost Segregation Contributor
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#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
Very advisable develop a relationship with a CPA that is familiar with US compliance obligations surrounding intentional activity.
At face value, it appears you now have an annual 5471 obligation. The penalties for this return start at $10,000... and that's just for non-negligent failure-to-file or filing an incomplete or inaccurate 5471.