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socrateaser
socrateaser, Lawyer
Category: Tax
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Experience:  Retired (mostly)
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I am a Canadian looking at to form a business is florida to

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I am a Canadian looking at to form a business is florida to buy foreclosed real estate and contract the upgrade to local firm. what are my tax obligations for federal and state?
Submitted: 5 years ago.
Category: Tax
Expert:  socrateaser replied 5 years ago.
Since you will be engaged in business within the USA, you will be liable for U.S. and Florida taxes on the capital gains from the property sales.

You are entitled to a dollar-for-dollar tax credit against your Canada taxes.

Hope this helps.

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