I am in a similar boat.
I am a US citizen and resident. My wife is a dual citizen and repatriated Canadian resident as of 2022.
We have an LLC that she owns 20% of.
Apparently the Foreign Tax Credits cannot be claimed in the US, so the result is double taxation of the passthrough income.
It appears ...
Search found 1 match
- Sat Jun 04, 2022 3:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax Treatment of Single member US LLC in Canada
- Replies: 2
- Views: 4368