Search found 10 matches

by speer1234
Wed Mar 27, 2019 3:02 pm
Forum: Canada / United States Tax & Accounting
Topic: What am I doing wrong on my return?
Replies: 6
Views: 317

Re: What am I doing wrong on my return?

Understood.

To solve the incorrect Form 1116 calculations, Should I include the "2479" capital loss on line 3b on each of my Form 1116's?

Pictures: https://i.imgur.com/xRVVP2xg.jpg and https://i.imgur.com/szIqm8Z.jpg
by speer1234
Wed Mar 27, 2019 1:57 pm
Forum: Canada / United States Tax & Accounting
Topic: What am I doing wrong on my return?
Replies: 6
Views: 317

Re: What am I doing wrong on my return?

The interest I earned in the US are from bank bonuses. Canada does not tax bank bonuses. $256.94 of the interest I earned in Canada is not taxable by Canada because it was earned in a TFSA. I do not use software. I did not move, I still live in Canada but sometimes frequent the states and when I do ...
by speer1234
Wed Mar 27, 2019 3:27 am
Forum: Canada / United States Tax & Accounting
Topic: What am I doing wrong on my return?
Replies: 6
Views: 317

Re: What am I doing wrong on my return?

The foreign tax credit cannot be more than my total U.S.tax multiplied by the fraction of taxable income from foreign sources. Since I have some U.S. income, it's not possible for the foreign tax credit alone to reduce your total tax to zero.

Cant figure out what I did wrong.
by speer1234
Tue Mar 26, 2019 4:51 pm
Forum: Canada / United States Tax & Accounting
Topic: What am I doing wrong on my return?
Replies: 6
Views: 317

What am I doing wrong on my return?

I earned (all figures in USD): US source interest income (Bank bonus, not taxed in Canada): $1349.81 Canadian source interest income: $2133.04 (only $1876.10 was taxable by Canada) Net interest income: $3482.85 The $1349.81 of US source interest income is taxable by the US. My US tax liability is $9...
by speer1234
Tue Mar 26, 2019 3:38 am
Forum: Canada / United States Tax & Accounting
Topic: Are capital loss deductions included on Form 1116 for Deductions and losses?
Replies: 2
Views: 168

Re: Are capital loss deductions included on Form 1116 for Deductions and losses?

I paid no tax on the capital loss (bitcoin sale), in fact for Canadian tax purposes im treating the capital loss as inventory (COG) as advised by a Canadian CPA. I accepted bitcoin (barter) for payment as a business. I made a loss from trading it. The reason I asked is because Im getting a total FTC...
by speer1234
Sat Mar 23, 2019 1:15 am
Forum: Canada / United States Tax & Accounting
Topic: Cryptocurrency tax treatment
Replies: 1
Views: 418

Re: Cryptocurrency tax treatment

...I hope I can treat it as a business loss instead of investment loss. Normally its a capital loss in Canada like the US but after further research and CPA advice I can treat the crypto as business inventory with citation to "Adventure or Concern in the Nature of Trade" notabley lines 13-15 here: h...
by speer1234
Fri Mar 22, 2019 9:39 pm
Forum: Canada / United States Tax & Accounting
Topic: Cryptocurrency tax treatment
Replies: 1
Views: 418

Cryptocurrency tax treatment

IRS treatment of Cryptocurrency? Received $4000 FMV worth of crypto in Q1 2018 for goods and services I provided to a client. Traded the the crypto throughout the year to make profit from speculation (~15 trades). Cashed out and sold the same crypto for $1000 FMV in Q4 2018. For Canadian tax purpose...
by speer1234
Fri Mar 22, 2019 12:40 am
Forum: Canada / United States Tax & Accounting
Topic: Unused Foreign Tax Paid Form 1116 Line 10
Replies: 3
Views: 239

Re: Unused Foreign Tax Paid Form 1116 Line 10

talked to an accountant he said: "You can include on your current year return. You would need to attach a statement to show how much excess taxes have been carried over from various years" This means I dont have to amend 5 years worth of taxes to fix line 10 on form 1116 on each for the carry over a...
by speer1234
Thu Mar 21, 2019 6:15 pm
Forum: Canada / United States Tax & Accounting
Topic: Unused Foreign Tax Paid Form 1116 Line 10
Replies: 3
Views: 239

Unused Foreign Tax Paid Form 1116 Line 10

For Foreign Tax Credits on Form 1116 Part III line 10, do you have to actively calculate carry forwards of unused foreign taxes paid year? Or is this only necessary if you will be using carry forwards against US tax for that year? Ive had Unused foreign tax for the past 5 years and have always left ...