nuke_diver
Recycles dryer sheets
- Joined
- Jun 30, 2014
- Messages
- 406
I have read a bunch of post regarding this but felt that many of them were older so I would like to see if there is any one who has done this recently and what they have found the issues to be. This is far from a done deal for me as my wife is not currently in favour of it and I am not sure financially it makes sense but personally for me it would. It is not a political move but a personal one so I am willing to pay some penalty.
For reference here are the parameters, I am a Canadian citizen and my wife is USian, I have a green card and have worked here for ~25 years so I know all of the US tax laws that apply to citizens apply to me. We would likely want to keep out home in Calif in case we wanted to move back and would rent it so there would be rental income. We would move to BC. We have more than 2M in assets so the exit tax as I understand it would appear to apply (which could be a deal breaker right there but I am still trying to understand this). As I am CDN returning should not be an issue for me but not sure about the wife's status. It seems that taxes would need to be filed in both countries and I am not 100% clear on how to avoid getting double taxed
FWIW we are also considering moving to Washington due to housing costs in the Vancouver area. We would need to be near Vancouver in some way shape or form as my wife's parents live there (and they have awesome Chinese food there ).
Appreciate any comments as I consider all my options. True RE will be in 1-2 years most likely (sooner if I can get myself laid off ) so I am starting to do all of the analysis now to understand what I will need and what I will have.
For reference here are the parameters, I am a Canadian citizen and my wife is USian, I have a green card and have worked here for ~25 years so I know all of the US tax laws that apply to citizens apply to me. We would likely want to keep out home in Calif in case we wanted to move back and would rent it so there would be rental income. We would move to BC. We have more than 2M in assets so the exit tax as I understand it would appear to apply (which could be a deal breaker right there but I am still trying to understand this). As I am CDN returning should not be an issue for me but not sure about the wife's status. It seems that taxes would need to be filed in both countries and I am not 100% clear on how to avoid getting double taxed
FWIW we are also considering moving to Washington due to housing costs in the Vancouver area. We would need to be near Vancouver in some way shape or form as my wife's parents live there (and they have awesome Chinese food there ).
Appreciate any comments as I consider all my options. True RE will be in 1-2 years most likely (sooner if I can get myself laid off ) so I am starting to do all of the analysis now to understand what I will need and what I will have.