USA Citizen buy/sell home in Canada as a Permanent Resident

[CANUSA31]

Hi, Hoping for some help here:

-US citizen who became a permanent resident of Canada. I'm assuming they can buy a house with their spouse and have their name on the mortgage, if they sell the house and return a profit do they have to claim that money to the US gov at tax time and owe them money?

Should their house only be put in the Canadian spouse's name?

 

[Alurra71]

Hi, Hoping for some help here:

-US citizen who became a permanent resident of Canada. I'm assuming they can buy a house with their spouse and have their name on the mortgage, if they sell the house and return a profit do they have to claim that money to the US gov at tax time and owe them money?

Should their house only be put in the Canadian spouse's name?

I haven't actually had to do any taxes yet, living here in Canada with my spouse.

I have read a TON about taxes and things of that nature though because I also need to know.

What I have read, and anyone with more/better knowledge, please correct me, but so long as you pay your taxes in Canada, there is a special tax form you use in the US, which you HAVE TO FILE FOREVER, by the way, so long as you keep your US Citizenship. Anyway, there is a special tax form that you file with the US and it shows you paid taxes on incomes and such in Canada and because they have a reciprocal agreement, you shouldn't have to pay any taxes to the US Gov't. I can't stress enough however that you HAVE TO FILE US TAXES each year, regardless if you are actually residing in the US unless you renounce your citizenship.