Search found 29 matches

by Mswalleye2
Tue Jun 18, 2019 3:15 pm
Forum: Canada / United States Tax & Accounting
Topic: This is about Nelsona ..
Replies: 2
Views: 129

This is about Nelsona ..

Just want to say ... thanks for all of the help you provide ... you are awesome!
by Mswalleye2
Wed May 22, 2019 11:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Husband claiming an exemption for me .. Canadian spouse.
Replies: 2
Views: 101

Husband claiming an exemption for me .. Canadian spouse.

My husband has filed MFS in the past and claimed an exemption for me (Canadian) on his 1040. If I am gifted US money and leave it in a bank in the USA, I realize that it will be exempt from US taxation but .... can he still claim an exemption for me or not? Not sure if the fact that the income would...
by Mswalleye2
Thu May 09, 2019 7:46 pm
Forum: Canada / United States Tax & Accounting
Topic: $$ Gift from US Expat to Canadian wife
Replies: 1
Views: 116

$$ Gift from US Expat to Canadian wife

I see my husband can gift me up to $152000 US (2018). This money would just sit in the bank in Canada (for now), I realize that in Canada there is no benefit to this gift due to the attribution rule BUT would he also have to report the income in the USA? Do they have a similar rule, I cannot find an...
by Mswalleye2
Sat Apr 06, 2019 12:35 am
Forum: Canada / United States Tax & Accounting
Topic: Gains/Losses on Currency Exchange
Replies: 5
Views: 228

Re: Gains/Losses on Currency Exchange

Thanks for that. Brain farct happening. Already living in Canada (border town). We have had 2 US accounts since 2013 and 2016 plus one inherited annuity. We use the one account for US pension deposit and day to day expenses (mostly US expenses), house expenses when we were renovating US house etc.. ...
by Mswalleye2
Sun Mar 24, 2019 9:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Gains/Losses on Currency Exchange
Replies: 5
Views: 228

Re: Gains/Losses on Currency Exchange

So ... if i exchanged money 5 times in a year, one time is a gain and the other 4 times are losses .... even though the losses exceed the one gain ... I would have to report the gain for the year?
by Mswalleye2
Fri Mar 22, 2019 3:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Gains/Losses on Currency Exchange
Replies: 5
Views: 228

Gains/Losses on Currency Exchange

Sold a house in USA, put the money in our US bank account. I am going to move some of this money to Canada via vbce ... When I move it, if the exchange rate is higher (Can to US) than when we sold the house, I am understanding that the gain in excess of $200 will have to be reported as a capital gai...
by Mswalleye2
Sat Feb 23, 2019 12:49 am
Forum: Canada / United States Tax & Accounting
Topic: How do I report the Sale of USA Personal Use Property
Replies: 8
Views: 368

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

Really appreciate your help ... you are bang on about the reading too much into things ...thanks
by Mswalleye2
Thu Feb 21, 2019 6:04 pm
Forum: Canada / United States Tax & Accounting
Topic: Does one need to owe money to file a VDP for an unfiled T1135?
Replies: 0
Views: 96

Does one need to owe money to file a VDP for an unfiled T1135?

The VDP has 5 conditions that must be met ... the 5th being Payment.

I did report the income so ... does this mean I do not meet this condition and therefore
can't file a VDP for a T1135 for 2016?

tks
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: 8
Views: 368

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: 1
Views: 116

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: 8
Views: 368

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: 8
Views: 368

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: 8
Views: 368

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: 165

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: 165

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...