Serbinski Accounting Firms

Hello,

Hoping I can get some input if you have dealt with similar matter:

Closing Date: November 1, 2022 ~ $1M
Selling Date: April 2022 ~ $1.3M
Gain on Property $300K
IRS exclusion when moving due to work relocation = (November to April) / 24 = 6 / 24 x $500K = $125K
Taxable Gain = $175K
Given ...

Thanks! This is helpful.

I swear, after every msg of yours I do 10x more research. I think I found the answers to 2555 and 1116.

Can you please help me with one more question:

for the Form 1116, the taxes paid for the credit, should this be the actual taxes paid on Canadian tax return? To give more context, for my CDN ...

Thank you.

Just one more question. Should I be using form 2555 or Form 1116 to exclude my foreign wages. It looks like 2555 relates to "foreign EARNED income" which means, interest is not excluded but I can use form 1116 for foreign tax credit?

Alternatively, can I use Form 1116, to exclude wages ...

Was hoping to get some insight on whether I'm correct or not. I guess just two questions:

1. Do I enter foriegn income earned as on line item or do I break it into employment income, rental, mat leave, interest etc.?

2. With regards to rental income, I break even in Canada after including all the ...

Married filing separately.

But do Married filing jointly. Print your completed forms and include w-7.

Sorry one more question:

8. Do I enter foriegn income earned as online item or do I break it into employment income, rental, mat leave, interest etc.?

Nelsona,

Based on your advice I have spent countless hours on these forums reading up on every possible scenario. I have reached out to a number of firms for the right answer as well but unfortunately have gotten different answer every single time. Its exhausting but I think I have most figured out ...

Hello,

Hoping I can get some help here to understand the CCA/depreciation rules.

Situation:
- Canadian Citizen working in US since June 2019
- Personal use property converted to Rental use in June 2019 as well.
- My net rental income after including CCA is nil.
- Original purchase date of ...

Thanks.

A few follow up questions:

1. What do you mean filing a full year joint return? What other option do I have?
2. My wife and kids do not have ITIN or SSN, can they still file taxes in the US?
3. Unfortunately, I did not withhold rental tax when I moved. I was planning to do a normal tax ...

Hello,

I read quite a few threads but noticed all are quite specific to the individuals circumstances. Hoping you can help a bit to let me know if I'm missing something critical. Note that searching "first year taxes" does not provide results since all the words are too common.

Situation:
- Self ...