Modified Carryover Basis Regime – U.S. Estate Tax for Deaths that Occurred in 2010

On Dec. 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act. Among other provisions, the Tax Relief Act modified and extended the estate tax provisions of 2010 through Dec. 31, 2012 only, resulting in a retroactive reinstatement of the U.S. estate tax for deaths that occurred in 2010.

For beneficiaries of decedents in 2010, U.S. Congress provided two systems of taxing estates and determining basis of their assets: the decedent’s beneficiaries will have the choice of either applying the federal estate tax or making use of the “modified carryover basis regime.” Read the rest of this entry »

Dollars and Sense Radio Show – November 24, 2011

Montreal, Quebec – November 24, 2011

On the November 24th episode of Dollars and Sense on CJAD 800 AM, host, Matt Altro and legal expert David A. Altro discuss Owning U.S. Property – The Canadian Way, 2nd Edition and all the important issues surrounding Canadians buying property in the U.S. and moving to the U.S.

David answers your questions and explains U.S. tax laws and their implications and how to protect yourself and your family from the U.S. probate procedure, creditors, taxes and much more.

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

David A. Altro interviewed by the Toronto Sun

U.S. property investment pitfalls easy to overcome

The Toronto Sun
November 10, 2011

A growing number of Canadians are tempted by property bargains in the U.S., but are being put off by bad information about the possible tax pitfalls, according to David Altro, a lawyer and author of a book on the subject.

The baby boomer generation is looking for a warm place to retire and being lured by property at bargain-basement levels, making Canadians the biggest foreign investors in U.S. real estate.

“I wrote this book because there is a lot of mis-information out there for Canadians wanting to buy or move to the U.S.,” Altro said, whose Owning U.S. Property The Canadian Way is now into its second edition.

Much of it revolves around the potential tax bill and bureaucratic headaches for family members trying to sort out the estate upon the death of the property owner. Read the rest of this entry »

David A. Altro featured on Droit Inc.

Investissements immobiliers aux USA: la bonne méthode, selon un avocat
Par Agence QMI
Le 14 novembre 2011

C’est le point de vue de David Altro, avocat et auteur d’un livre sur le sujet. L’ouvrage, intitulé Owning U.S. Property – The Canadian Way, en est à sa deuxième édition.

« J’ai écrit ce livre parce que les Canadiens qui veulent acheter aux États-Unis ou s’y installer sont confrontés à trop d’informations erronées », a-t-il dit.

Selon M. Altro, c’est surtout au sujet des comptes de taxes et des démarches à effectuer dans le cas d’une succession que les informations pertinentes manquent. Read the rest of this entry »