Search found 4 matches

by TaxGuruz
Sun Apr 17, 2022 12:55 pm
Forum: Canada / United States Tax & Accounting
Topic: Property Valuation
Replies: 5
Views: 6830

Re: Property Valuation

There is two rental properties. One was the home before leaving, and one was rented generally. Yup - put the date when they departed Canada. Any idea re: do I have to fill in an election with the 1040NR to bump up the cost values to FMV on departure date I guess for both of them? Or is this unnecess...
by TaxGuruz
Sat Apr 16, 2022 7:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Property Valuation
Replies: 5
Views: 6830

Property Valuation

Hello,

If ceasing residency in Canada, but didnt meet the SPT test in US, so Non resident in US.(1040NR)

Have rental property - do we have to file election with 1040NR return , saying the value of the property is now increased to the the FMV?
by TaxGuruz
Fri Apr 15, 2022 7:23 pm
Forum: Canada / United States Tax & Accounting
Topic: Foreign Tax Credit Question
Replies: 0
Views: 43698

Foreign Tax Credit Question

Hey there- doing the 2021 US Tax return (US Citizen), but resident of Australia. Australian year end is Jul 2020—30 Jun 2021 US is January 1, 2021 - December 2021. When doing the US return, I presume I have to manually calculate the income on the calendar year basis (based on Paystubs etc). But how ...
by TaxGuruz
Sat Mar 21, 2020 6:28 pm
Forum: Canada / United States Tax & Accounting
Topic: Tuition Question?
Replies: 3
Views: 2478

Tuition Question?

Hey, hope everyone is staying safe. Question for ya'll. Left California in July of 2019 and went to Canada. Filing US as a resident and Canadian as part year in. Ended getting a scholarship and a tuition slip in Canada. Question is how to report this in the US. Do we pick up both the scholarship inc...