Foreign ownership

I am thinking about investing in some property in Canada. The other investor is a Canadian. Would this be a good idea as far as tax puposes? Would we both have to claim rental income? )I am currently a nonresidnet of US, but a US Citizen.

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by feather:
I am thinking about investing in some property in Canada. The other investor is a Canadian. Would this be a good idea as far as tax puposes? Would we both have to claim rental income? )I am currently a nonresidnet of US, but a US Citizen.<HR></BLOCKQUOTE>

You have a bit of a complicated situation here. I suggest you consult with a US tax attorney and have the partner consult with a tax attorney in Canada.