Reporting TFSA income in the US - reportable loss or not?

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

nelsona
Posts: 18352
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Lots of headaches for that sum.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
nelsona
Posts: 18352
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

If they have value, can't they be sold? someone sold some.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
redbeer
Posts: 28
Joined: Wed Apr 09, 2014 8:32 pm

Post by redbeer »

The shares were bought in the initial offering, now it is hard to find a buyer.
What a headache for so little value.

This is what my wife says, this is my wife's account and I can't blame her for taking this approach. She wants to be a NR for 2013 in the US, if possible. She figured that as she went to Europe for a visit, she actually does not meet SPT. I never thought of that, I put the numbers in for past 3 years and end up 4 days short of SPT for her.

She has no US income at all, so it seems that she doesn't even have to file a return for 2013 as a NR, and no 3520 either. Forget the MFJ benefit, she says. I would still file dual-status for me, itemize deductions (higher than standard, which is good).

Does this seem to solve the 3520 headache for 2013? For 2014 getting out of that TFSA is a priority, and enough time to figure how to file everything.

I browsed the forum for 3520 and this PFIC thing, I can't believe the nightmare, back and forth correspondence with IRS...
nelsona
Posts: 18352
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Well, duh, if she doesn't want to file MFJ, and you have enough deductions, why are we wasting anymore time?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
redbeer
Posts: 28
Joined: Wed Apr 09, 2014 8:32 pm

Post by redbeer »

Sorry, I didn't mean to drag this out.
Post Reply