Search found 11 matches
- Mon Mar 06, 2023 4:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Sale of California Property due to work relocation
- Replies: 0
- Views: 79643
Sale of California Property due to work relocation
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 the s...
- Thu May 21, 2020 3:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: First Year Taxes in the US
- Replies: 13
- Views: 9073
Re: First Year Taxes in the US
Thanks! This is helpful.
- Thu May 21, 2020 3:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: First Year Taxes in the US
- Replies: 13
- Views: 9073
Re: First Year Taxes in the US
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 tax r...
- Sun May 17, 2020 10:26 pm
- Forum: Canada / United States Tax & Accounting
- Topic: First Year Taxes in the US
- Replies: 13
- Views: 9073
Re: First Year Taxes in the US
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 exclud...
- Sun May 17, 2020 8:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: First Year Taxes in the US
- Replies: 13
- Views: 9073
Re: First Year Taxes in the US
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 ex...
- Sat May 16, 2020 8:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Spouse doesn’t have ITIN number
- Replies: 3
- Views: 2091
Re: Spouse doesn’t have ITIN number
Married filing separately.
But do Married filing jointly. Print your completed forms and include w-7.
But do Married filing jointly. Print your completed forms and include w-7.
- Fri May 15, 2020 7:28 am
- Forum: Canada / United States Tax & Accounting
- Topic: First Year Taxes in the US
- Replies: 13
- Views: 9073
Re: First Year Taxes in the US
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.?
8. Do I enter foriegn income earned as online item or do I break it into employment income, rental, mat leave, interest etc.?
- Fri May 15, 2020 7:27 am
- Forum: Canada / United States Tax & Accounting
- Topic: First Year Taxes in the US
- Replies: 13
- Views: 9073
Re: First Year Taxes in the US
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....
- Sat May 02, 2020 4:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Rental Property CCA election between Canada and US
- Replies: 0
- Views: 12425
Rental Property CCA election between Canada and US
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 property J...
- Mon Apr 20, 2020 2:09 am
- Forum: Canada / United States Tax & Accounting
- Topic: First Year Taxes in the US
- Replies: 13
- Views: 9073
Re: First Year Taxes in the US
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 retur...
- Thu Apr 16, 2020 5:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: First Year Taxes in the US
- Replies: 13
- Views: 9073
First Year Taxes in the US
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: ...