Serbinski Accounting Firms

Can pension income from an employer pension be treated as foreign earned income for claiming the foreign earned income deduction ?

phew....what a discusion !

I think I got it.....thanks so much to both of you.

So let me make sure that I have this correct: 1 the shares I transfer have to be transferred at. Fmv 2 I pay US capital gains tax on those shares 3 I claim my Unified tax credit to offset the gift tax on the transfer 4 for Canadian tax purposes these shares are qualified shares which I can claim to ...

Ignore above comments......I was reading rules for non-resident aliens. with Us si situs proprty .Since I am a Us citizen. I am t axed. On. Worldwide assets...not just Us situs. Assets.

Back to basics...since these are shares of a Cdn private corporation are they exempt from US gift tax? I believe they are exempt from estate tax so it only makes sense they are exempt from gift tax.

Wow...I do need clarification. ...the difference between a $5m and $136k exemption is huge !

Thanks guys

I am a U.S citizen residing in Canada. With the gift tax exemption amount of $5.1 mil set to expire I wish to gift as much as I can to my non-U.S citizen spouse. I own 76% share of a Cdn corporation, my spouse owns the rest. I want to gift her my 76%. Basis in the stock is $1, fmv is much higher. At...