Rental Property in United States (US) Foreign Rental Property
Facts of the Case :-
- Property in United States
- Till 2017 Property was solely used for Personal Use
- 2018 due to health issues, client couldn't use the property personally hence rented it out for 7 months
- US tax return is already filed and it shows loss after taking into account depreciation on the property
- For 2019 and onward intends to use it primarily for personal use but also rent it out for few months 4-5
- Do he needs to file T1135 in 2018?
- Can he stop filing T1135 for 2019 tax years and onward when the property is primarily used for personal use?
- For Rental Income T776 - should we also claim depreciation to match with US tax return and if we do so should we claim the exact same US amount converted into CAD or through CCA table using CRA Depreciation Rates.
- For T1135 - what is Individual Code? and Income from all specified property should show Gross Rents or Net Rents.
Thanks a lot and your response is much appreciated