Serbinski Accounting Firms

Sorry, I read that too quickly! Thanks for the advice...

Am a bit peeved that I have to pay US taxes on my (minimal) ordinary dividends, when I have such a huge loss....oh well.

So I don't need to file a 1040NR or 540NR?? I have been for the past few years as a deemed resident (on my cap gains distributions), and claimed the credits on my Cdn tax return...

If I don't need to file, how do I tell the US I've left?

So what do I use as the cost basis? The original purchase price?

Just realizing that this re-entry date deal might not apply to me considering I was always a resident of Canada (went from deemed to factual in April 2009). So the timing probably wasn't crucial for me...

I moved back to Canada in April 2009, and sold my US mutual funds in May 2009. My 1099-DIV says that I have $160 of ordinary dividends, and I have a capital loss of over $10K from selling the mutual funds.

Do I need to file 1040NR or 540NR (California) to report this? I essentially want to file so ...

I'm not sure where you guys are getting the info that you do not have to file a 1040NR since you say that because of the personal exemption ($3400) for nonresidents, you will not pay tax unless you have dividends above that amount. The thing is the 1040NR guide specifically says that you cannot ...

No, I don't report my dividends on line 10 since the income is not effectively connected to a US trade of business. That whole section stays empty because I don't have that type of income.

I report my dividends on page 4 and that amount gets copied to line 53 (other taxes).

The only reason I was ...

[quote="nelsona"]

OR file a 1040NR, reporting your dividends only, excluding your cap gains, and paying no US tax. Your dividends will not yeild any tax, unless over a ~$2500 [/quote]

I just filled out the 1040-NR, and essentially the only amount I enter is 15% of my dividends, which is $212 ...

Nelson, I don't believe that I can keep the resident status since I am now divorced (as of June 2006), according to this (from the IRS website):

A legal separation under a decree of divorce or separate maintenance ends the choice (to Treat Nonresident Spouse as a Resident) as of the beginning of ...

Thanks again Nelson...I'm surprised that I would fill out a 1040 since I only saw 1040-NR mentioned in all of the documents I read on the IRS site.

I found this document which pertains to the Taxation of capital gains by employees of foreign governments: http://www.irs.gov/businesses/small ...

Nelson,

Thanks for replying, however I was looking for info on how to report my dividends/capital gains distributions, not my govt income. I would be grateful if you had any info on this.

I report my govt income to Canada, and am not sure why I would file a regular 1040 for my investment income ...

Just to clarify, my last question about the tax credits is in regards to the investment income I need to report this year. I have not sold any of the mutual funds yet so no capital gains other than distributions.

Also, I believe I can get tax credits from Canada since I also have to report the ...

I am a deemed resident of Canada (I work for the Canadian govt but live in the US and report my income to Canada). I have mutual funds from a US brokerage firm and am not sure how to report the investment income to the IRS. After doing much reading on this from the IRS website, I'm hoping that ...