Phoenix Arizona Divorce Lawyers

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Canadians Buying in the Sun Belt South

Nearly three million people a year leave the winters in the North Americas and escape warmer winters in the south. Many Canadians are among them, and experts predict that the recent crunch in U.S. mortgages, etc. means that seizures holiday homes even more Canadians will buy.

While it is certainly a good time to invest in this holiday, remember that laws in the United States are different laws in Canada. You could breeze through the buying process and end up owning your dream home, but cause complications for the elimination of property on divorce or death.

It's a horrible thought, but may be avoided with proper application of the law. One of the common pitfalls that happens when one spouse is close to the prospective property. The couple chose the location at the same time online, one of them is in the area on business, and he or she signs for it and bought the property and voila, the house is theirs! Wrong! The house is one of them.

The problem arises when the couple decides that this is an opportune time to the move to two names. This is not a simple procedure in the States as in Canada. In fact, the name change is handled by the U.S. Inland Revenue as a gift is given, and for that, the IRS has a tax!

Gift tax may be anything from about 20% to almost 50% of the "gift" (half of the property value). To avoid shocks like this, using a real estate agent who is familiar with the differences in property law to purchase, and a lawyer familiar with the differences that you will not know about.

To further complicate the procedures of the United States to purchase property, the law is administered in different ways, depending the state where you buy. There are at least six different ways to save a title, according to the state and choice. Each course will have consequences for the single tax on the sale or death. In a country like Arizona, it is also a common property giving two more choices for title, which is a plus for Canadian snowbirds that many opt for the Phoenix Valley.

capital gain is another tax that you may encounter. In this case, if it is payable, the Government of Canada will give you credit for capital gains already paid the United States before taking their own.

This may sound complex, but none of the above should trouble you as you know and hire a lawyer border. Property is going for a price well at the moment it is worthwhile, especially for Canadians who are getting more for their money these days.

Canadian citizens are allowed to reside in the United States for 182 days per year (six months). There is a great advantage to living in the States: if you get your green card, tax income on pensions (pensions particularly high support) is much lower than in Canada.

There is another big advantage: it is very relaxing and healthy living in the heat of the Sun Belt If you choose the area of Arizona, you just pack your bags and leave the syrup against cough and heat pads arthritis back!

About the Author

This article was written on behalf of Alice and Stephen Proski. If you’re looking for help with Scottsdale real estate, look no further than Az-Homes4u.com. These agents have the experience and professionalism that you deserve as you buy or sell property in the Mesa Arizona real estate market.

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