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MidNiteForms
June 16, 2024
Question

Re reporting of foreign property "--where the total cost amount --- any time in 2023 was more than $100K ." Does 'cost amount' mean cost when bought? Or current market $?

  • June 16, 2024
  • 1 reply
  • 0 views
In Ontario houses are assigned a valuation by MPAC  for tax purposes every few yrs. In State we own condo tax is based on purchase price. We have no 'market value' until we sell. How do I interpret 'total cost amount' in this case?

    1 reply

    T
    TurboTaxBrenda
    June 17, 2024

    It is what your foreign property is worth in 2023. 

     

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