We have some great books coming up this fall, and this summer we’d like you to get to know the amazing authors who are behind them.
Let us introduce you to the first author of the upcoming season: Dale Walters, the author of Buying Real Estate in the US (2nd edition, September 2016). Dale Walters is well known to Self-Counsel Readers after having published three books with us. This fall his very first book is going to its second edition.
My experience with international tax dates back to 1989 when I was at KPMG. Since 1994 I have been working exclusively with Canadians, advising them on Canada-US taxes and financial planning issues. I am a US Certified Public Accountant (CPA), and I have earned the Certified Financial Planner™ (CFP®) designation in the US and Canada. I was one of the first 500 people in the world to earn the CFP® designation; my CFP® number is 490.
What is your book about?
I attempt to point out and provide solutions to the most common issues Canadians run into when buying real estate in the US. The book discusses things primarily from a tax perspective. One of the most important decisions a person makes, when they buy a property, is how to own it. The way a property is owned, will dictate how it is taxed, the level of asset protection, the ease in which the property will pass at death, etc. The book goes into detail on the tax consequences of selling and/or renting the property.
Why do you think there is need for such a book?
I wrote it because there was no resource for Canadians or their advisors to go to when they had questions about buying real estate in the US. A Canadian could not simply ask a Canadian or a US advisor, because while each person may have provided a perfectly valid answer for their country, in a cross-border situation, the answer would be completely wrong.
Who should read it?
Canadians who have or are looking to buy real estate in the US, or their advisors. Many items have been updated due to changes in tax laws, or changed because they were indexed for inflation. I also added completely new information based on the feedback I received on the first edition.
Is this your first book? What else have you written?
Sort of; while this is my first book, it is now in its second edition. Between the first and second editions of this book, I wrote two other books. Those books are Taxation of Canadians in America (2013), and Taxation of Americans in Canada (2016).
How did you find the writing process?
When writing the first edition, I was surprised by the amount of time it took to write, considering that I had everything in my head. I thought to myself, how hard can it be to simply put down in writing what I already knew? Writing a book is a lot different than simply transposing thoughts in my head to notes on a piece of paper. Those thoughts had to be, 1) accurate, 2) logical, and 3) be presented in a way that was interesting to read.
Many writers are also readers. What are your top three reads of all times?
Because I read mostly technical books, others would not want to read the books I read. However, I am also interested in history, religion, and philosophy. I would suggest Great by Choice by Jim Collins, Atlas Shrugged by Ayn Rand, and any religious text such as the Bible, Quran, etc.
Are you thinking of writing another book?
Yes, I am currently writing a personal finance book for young adults. I will start with a book for Canadian young adults then, if successful, I will modify the book for the US market. I expect the first book to be out in late 2017.