EP367 The Hidden Costs (and Benefits) of Selling U.S. Real Estate as a Canadian with Tricia Lehane

A Canadian Investing in the U.S. with Glen Sutherland

Content provided by A Canadian Investing in the U.S. and Glen Sutherland. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by A Canadian Investing in the U.S. and Glen Sutherland or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

5M ago 23:19

MP3•Episode home

Trisha Lehane – Realtor based in Scottsdale, Arizona with RE/MAX, specializing in working with Canadian buyers and sellers. Background: Originally from Canada, Trisha has lived in Arizona for 20 years. She has deep roots in Canadian provinces like Manitoba, Saskatchewan, Alberta, BC, and Yukon. Her real estate career pivoted to working with Canadians after selling a million-dollar property to a Vancouver buyer in 2008. Key Topics Covered: Canadians Selling U.S. Property Many Canadians are selling U.S. properties due to: Currency fluctuations (e.g., CAD–USD exchange rate). Rising HOA fees and living costs. Aging and changing lifestyles. FIRPTA (Foreign Investment in Real Property Tax Act): 15% of the gross sale price is withheld by the IRS. If the property is under $300K, it’s up to the seller to file documents via their accountant. Capital Gains Tax: 15–20% in the U.S. Canada taxes 50% of gains at the marginal tax rate. ITIN Requirement: Required for tax filing in the U.S. Sellers need it if they don’t already have one from renting out their property. 💡 Seller Tips & Resources Keep records of all improvements for capital gains deductions. Donating furniture (e.g., to Habitat for Humanity) can offset FIRPTA. Trisha provides full support, including: Trusted professionals (accountants, currency exchange, contractors). Marketing (MLS, drone photography, staging). Selling remotely without being physically present. 🏠 Buying Process for Canadians Trisha recommends reaching out 3–6 months before planning to buy. She sets up a personalized MLS portal to monitor and learn the market. Most Canadian clients are buying second homes, though some purchase rentals or move permanently. Works with Canadian-friendly lenders (e.g., RBC Bank). Buyer agency agreements are mandatory in Arizona before viewing homes. Typical process: Pre-qualification. Offer and negotiation. Home inspection (10-day window for repairs or credits). Closing via title companies (no lawyers needed, unlike Canada). Canadians can close remotely. 🌆 Arizona Market & Economic Outlook Arizona, especially the Phoenix–Scottsdale area, is booming. Major developments: $100B investment by TSMC (Taiwanese semiconductor company). An additional $60B+ in supporting infrastructure and companies. Arizona offers lifestyle perks: golf, fine dining, shopping, warm climate.

369 episodes

#Podcasting Education #A Canadian Investing in the U.S #Glen Sutherland