Canadian
Hello,
Four years ago I bought my house in Canada. At that time I was a resident of Canada and the house was my principal residence. Then I moved to USA and rented out my house. Now, being a resident of USA and a non-resident of Canada, I have sold my house. I have a capital gain because of increasing in house price and currency appreciation. Can I offset the gain realized from the sale of my property with a loss realized from the repayment of a mortgage loan used to finance the purchase of the property? Does the fact that my property was rented out for last 2,5 years, and sold as a rental property make any difference?
Thanks
Four years ago I bought my house in Canada. At that time I was a resident of Canada and the house was my principal residence. Then I moved to USA and rented out my house. Now, being a resident of USA and a non-resident of Canada, I have sold my house. I have a capital gain because of increasing in house price and currency appreciation. Can I offset the gain realized from the sale of my property with a loss realized from the repayment of a mortgage loan used to finance the purchase of the property? Does the fact that my property was rented out for last 2,5 years, and sold as a rental property make any difference?
Thanks