Search found 16286 matches

by nelsona
Thu May 28, 2020 5:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Emigrant return T1161 & T1243
Replies: 19
Views: 492

Re: Emigrant return T1161 & T1243

The reason that you did not become a tax resident of US until June is because of the special tax treatment of f1 status, which exempts days spent in US from being counted towards SPT. Even tourists do not get that exemption, which prevented you from becoming tx resident YEARS ago (since you lived in...
by nelsona
Wed May 27, 2020 2:33 pm
Forum: Canada / United States Tax & Accounting
Topic: Moving gift/inheritance from Canada to US
Replies: 3
Views: 146

Re: Moving gift/inheritance from Canada to US

That's fine. The point is to get the money in USD in Canada. Then transfer/wire/ carry, etc to a US bank.
by nelsona
Wed May 27, 2020 7:50 am
Forum: Canada / United States Tax & Accounting
Topic: Residency Status in Canada for the year I left (maintain residential ties)
Replies: 1
Views: 57

Re: Residency Status in Canada for the year I left (maintain residential ties)

You are considered a "deemed non-resident, and shpuld file a departure return with August departure date. CRA views becoming a resident of another treaty country (satisfying both IRS and treaty definitions) sufficient to "push" you out of canada, forcing you to file departure taxes, etc.
by nelsona
Tue May 26, 2020 8:56 pm
Forum: Canada / United States Tax & Accounting
Topic: IRS 6013 (g) election and Canadian Spouses's rental income
Replies: 3
Views: 145

Re: IRS 6013 (g) election and Canadian Spouses's rental income

You are correct that once you elect to use 6013(g) and the choose to revoke it, you will not be able to use it again. Just to be clear though, if she uses it as rental property she cannot claim it as principal residence for that time. So, not sure what exemption you would be claiming in future, eith...
by nelsona
Tue May 26, 2020 10:46 am
Forum: Canada / United States Tax & Accounting
Topic: IRS 6013 (g) election and Canadian Spouses's rental income
Replies: 3
Views: 145

Re: IRS 6013 (g) election and Canadian Spouses's rental income

a) you MUST depreciate her property for IRS. no option. b) the election is on a year-by-year basis. If it is not advantageous in that year, don't file with her. Will not need to recapture depreciation. c) I'm not sue the decision is irrevocable. I will check d) you cn ususlly have 2 principle reside...
by nelsona
Tue May 26, 2020 10:39 am
Forum: Canada / United States Tax & Accounting
Topic: File a Corrected Return to Claim $500 Benefit for Dependant Kids?
Replies: 6
Views: 416

Re: File a Corrected Return to Claim $500 Benefit for Dependant Kids?

They shpuld not be taxable, however, they do reduce your US tax, which may reduce your Foreign tax credit, if you have US income.
by nelsona
Mon May 25, 2020 11:19 am
Forum: Canada / United States Tax & Accounting
Topic: American citizen gifting real estate to Canadian spouse: Tax implications in Canada
Replies: 9
Views: 181

Re: American citizen gifting real estate to Canadian spouse: Tax implications in Canada

Ok. So they will pay the tax art departure. There is no way to avoid the CDn tax on the time when the American owned it. The deemed disposition would be an election, not mandatory.
by nelsona
Mon May 25, 2020 9:52 am
Forum: Canada / United States Tax & Accounting
Topic: American citizen gifting real estate to Canadian spouse: Tax implications in Canada
Replies: 9
Views: 181

Re: American citizen gifting real estate to Canadian spouse: Tax implications in Canada

So, as I said, she will still need to pay cap gains on the portion of the time the property was owned by the other spouse.
by nelsona
Mon May 25, 2020 7:49 am
Forum: Canada / United States Tax & Accounting
Topic: Questions About Claiming Foreign Tax Credits
Replies: 6
Views: 224

Re: Questions About Claiming Foreign Tax Credits

I have brain cells to think about, too.
Sorry.
by nelsona
Mon May 25, 2020 7:49 am
Forum: Canada / United States Tax & Accounting
Topic: American citizen gifting real estate to Canadian spouse: Tax implications in Canada
Replies: 9
Views: 181

Re: American citizen gifting real estate to Canadian spouse: Tax implications in Canada

Tell your friend that this may incur GIFT tax in US, since the spouse is not a USC, so is not entitled to a full spousal exemption. He would not have any Cdn cap gains tax to pay at time of transfer. However, the cost basis of the property would stay the same, so the spouse would be on the hook for ...
by nelsona
Sun May 24, 2020 6:39 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition proof
Replies: 7
Views: 176

Re: Deemed disposition proof

Did we really need 3 threads for your situation?
by nelsona
Sun May 24, 2020 6:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Regarding my residency status
Replies: 3
Views: 120

Re: Regarding my residency status

You will have to file a 216 return for 2019, along with your departure return. CRA wuill asses the penalty, so get moving, and also start the withholding now going forward.
by nelsona
Sun May 24, 2020 6:37 pm
Forum: Canada / United States Tax & Accounting
Topic: Deemed disposition proof
Replies: 7
Views: 176

Re: Deemed disposition proof

You are attaching these to the RP. For IRS return, you efile and send no documentation. Even for papaer, you send minimal form (W-2, 1099-R).