Serbinski Accounting Firms

This excess distribution rule seems very unfriendly to new tax payer who moves to the US with foreign funds. Is there a way to adjust my cost basis in TFSA account to the fair market value of the date I moved to the US?

Hi, I moved to the US from Canada in Feb 2020. I'm filing resident tax return in the US for 2020. After I moved to the US, I sold my mutual funds in my TFSA account. I didn't know I need to file form 8621 and pay tax for excess distribution until recently. So I wonder is it possible to avoid the nas...

Thank you nelsona for replying! But I saw on Page 4 of Rev Proc 2019-19 that " (3) The individual must make the election by ...... Treaty Based Return Position Disclosure under section 6114 or 7701(b) of the Internal Revenue Code, stating that the individual is making an election to pay U.S. fe...

mm77mm77 wrote: > Thank you for your reply. > > I have a couple questions In regards to filling out form 8833: > > Line 2: List the Internal Revenue Code provisions overruled... > Is it IRC 61? Or can I just leave it blank > > Line 6: I just copied the verbiage from Rev Proc 10-19. Is this sufficien...

Hi, I left Canada and moved to the US in Feb 2020 and I will be filing tax for deemed disposition of my stocks in Canada. To adjust cost basis in the US, I need to fill out Form 8833 using Rev Proc 2010-19, and I have couple of questions for filing this form. 1. Do I have to recognize the capital ga...