Search found 21 matches

by Mswalleye2
Sun Feb 17, 2019 3:32 pm
Forum: Canada / United States Tax & Accounting
Topic: How do I report the Sale of USA Personal Use Property
Replies: 7
Views: 78

Re: How do I report the Sale of USA Personal Use Property

nelsona wrote: > Not interest. Interest has to be re-sourced to Canada and claimed as FTC in > US. CRA doesn't give credit for interest for US citizens. > So, only pension. I finally sorted out Form 1116 for the US bank interest ... then found out about Form 8833. I am reading that it is required an...
by Mswalleye2
Fri Feb 15, 2019 3:33 am
Forum: Canada / United States Tax & Accounting
Topic: Filing the Statement to be Taxed as A US Resident
Replies: 0
Views: 18

Filing the Statement to be Taxed as A US Resident

I happened to come across this statement on this forum.... a fellow was asking why Nelsona was suggesting to not file a statement (to treat spouse as resident) with his 1040, and he said Your spouse is a Cdn citizen/resident, and, as such she is always allowed to file a 1040. So joining you on your ...
by Mswalleye2
Tue Feb 12, 2019 11:28 pm
Forum: Canada / United States Tax & Accounting
Topic: How do I report the Sale of USA Personal Use Property
Replies: 7
Views: 78

Re: How do I report the Sale of USA Personal Use Property

Tks. You mention that Canada gives no FTC interest credit for US Citizens ... what if he is a Canadian citizen too?
by Mswalleye2
Mon Feb 11, 2019 1:47 am
Forum: Canada / United States Tax & Accounting
Topic: How do I report the Sale of USA Personal Use Property
Replies: 7
Views: 78

Re: How do I report the Sale of USA Personal Use Property

No, it has been 12 years since he came up.
So, the capital gains will zero out in Canada and I will only claim a FTC for his US pension income and interest?
Tks.
by Mswalleye2
Sun Feb 10, 2019 2:26 pm
Forum: Canada / United States Tax & Accounting
Topic: How do I report the Sale of USA Personal Use Property
Replies: 7
Views: 78

How do I report the Sale of USA Personal Use Property

Husband moved to Canada, we eventually sold his home. On the Canadian tax return he has a loss but on his American return he has a gain. How does one report the taxes paid in the USA? The amount of money we spent finishing this home off since he moved to Canada .. exceeded any possible gain in Canada.
by Mswalleye2
Thu Jan 24, 2019 3:30 am
Forum: Canada / United States Tax & Accounting
Topic: Form T1142 - how to report an annuity?
Replies: 1
Views: 86

Re: Form T1142 - how to report an annuity?

Disregard the above, .. no T1142 required. I see no option to delete or edit. I was told, by someone who should be up on it .. that I was not reporting the distributions from the annuity right ... so ... I want to be sure ... When a beneficiary takes a distribution from this death benefit (USA) ... ...
by Mswalleye2
Sat Jan 19, 2019 3:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Form T1142 - how to report an annuity?
Replies: 1
Views: 86

Form T1142 - how to report an annuity?

Husband inherited lump sum $ in 2016 and also 1/2 of his mothers non qualified annuity in the same year. This was a USA estate handled by his sister in the USA. I did not file Form T1142 because I was unaware of it. He had the option of leaving the money where it was for up to 5 years, he is able to...
by Mswalleye2
Sun Jan 13, 2019 5:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Personal Use Property Form T1135
Replies: 1
Views: 69

Re: Personal Use Property Form T1135

Never mind... I tried to delete but didn't see how. I also have realized that I did not disclose "funds" in the USA. I didn't realize that bank accounts in excess of $100,000 accumulative had to be reported. At least that is how I read it now? My idea of property was .... land. thanks anyways..
by Mswalleye2
Sun Jan 13, 2019 3:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Personal Use Property Form T1135
Replies: 1
Views: 69

Personal Use Property Form T1135

Hey there ... I am uncertain now ... We recently sold a property in the USA in which no T1135's were filed ever. When I previously filed, when I read definition of "specified foreign property" it said that "personal use property" did not have to be reported. I understood "personal use property" to m...
by Mswalleye2
Sat Jan 12, 2019 1:57 am
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 334

Re: Requirement to File FBAR when filing MFJ ...

When you mention deemed acquisition .. do you mean disposition? The fair market value of the USA home when husband moved to Canada? We recently had a realtor do an appraisel to get an approximate value for 2005 (year of move). I was hoping this value plus a copy of the value we were paying taxes on(...
by Mswalleye2
Fri Dec 14, 2018 3:05 pm
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 334

Re: Requirement to File FBAR when filing MFJ ...

Form 8938 .. no .. if we combine what we have in USA and Canada yes, but what is in Canada .. no .. based on $600,000 at some point in year or $400,000 year end. I am assuming the home is not included in this value? RRSP ... I won't include interest on it for 2018 ..? If I am then basically deferrin...
by Mswalleye2
Fri Dec 14, 2018 2:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 334

Re: Requirement to File FBAR when filing MFJ ...

I thought it was 2 years within the last 5 years ...therefore mentioned vacant for last 5 years. Unless it has changed... thanks again.
by Mswalleye2
Fri Dec 14, 2018 12:47 am
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 334

Re: Requirement to File FBAR when filing MFJ ...

Okay, so I am interpreting the wording wrong? I just remembered ... it had something to do with the fact that 1040 requirements are not connected to the FBAR requirements ... I am trying to link the wording between two seperate departments ... or something to that effect? The house has not been resi...
by Mswalleye2
Thu Dec 13, 2018 4:56 pm
Forum: Canada / United States Tax & Accounting
Topic: Requirement to File FBAR when filing MFJ ...
Replies: 10
Views: 334

Requirement to File FBAR when filing MFJ ...

My US citizen husband living in Canada will be filing MFJ this year for the first time ... in order to reduced gains on a house sale. If I make the choice to be "treated as a US resident for the tax year" .... I take it I will now have to disclose my personal accounts as the aggregate of joint and p...