Reporting TFSA income in the US - reportable loss or not?
Moderator: Mark T Serbinski CA CPA
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...
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...