Serbinski Accounting Firms

I am trying to figure out how to fill in the FinCen114 form for 2015. I renounced US citizenship during 2015. I have done these forms in the past, but not sure how to do it for this case. - maximum amounts, seems to me this should be the maximum amount from the start of the year up to the date of re...

I was looking at investments that work out ok for a dual citizen living in canada. I am selling my home in Canada, and considering loaning to the buyer as a 2nd mortgage. It has become challenging to find good investments that result in reasonable tax treatment for both US & can. I figure this m...

Ok i had them mixed up and was not thinking of GIC maturing as a sale. When i purchased CDN was about .80 (jan 2009). When i sold .91(jan 2014). So if i did the calculations right: In canada would be $1300 interest for CDN tax, however it is TFSA so no tax. But taxed in US as follows: US $1260 inter...

Thank you, good points, i had missed the other thread before. For reference the other thread, which relates is: http://forums.serbinski.com/viewtopic.php?t=7480&highlight=gic+tfsa As far as the currency, i still have a net gain in the interest over the full term. CDN$ was similar price in jan 20...

Still would be interested in any thoughts on the questions above. Q4) for 2014, at the moment i am showing the realized gains in the closing year of TFSA 2 (2014) on scheduled D. And showing the interest for TFSA1 on schedule B. This causes me to owe US tax, which i have not normally faced. I suspec...

I believe i read elsewhere in this forum that Mar 15 is the deadline for the financial institution to file 3520A. That said since your banks are in Canada they will not do so. The alternative is for you to produce the form yourself as best you can. In this case where you are filling the 3520A i beli...

Dual citizen, living in canada. Trying to determine what to file for TFSA in 2014 (and any retroactive filings needed). Q1 - TFSA 1) opened in 2009, just a simple locked in $5000 GIC, expired in early 2014. This is just a GIC, the account did not have ability for mutual funds, the account appears mo...

Thank you. I believe you are correct. I received the transcript now. Indicating a credit on 1040 line 63 (schedule M). I have not cashed the cheque as yet and will be filling a 1040x form to correct the amount of my wages which should result in increasing my refund to the maximum for this credit of ...

Hi, I am a dual citizen living in canada and canada is my tax home. I file my US return each year and the balance is 0 each time. This year i received a refund cheque of about $189 with no explanation. In canada we get an assessment indicating the results of the tax return filed. I have never seen s...

Thanks for the input. Alas i use software for canada taxes but have thus far avoided using fancy software for US taxes. Perhaps having US software would help next year, but for this year perhaps not as it would not have record of my previous years returns which are critical in this case. I can see h...

Thanks for the comments. 1) I think i have now found a way to do this, but i'm still reading to try and confirm. It appears there is ip to 10 years carry forward allowed on the 1116 - but not much in the way of recording keeping or the amount available for carry forward. So i did a spreadsheet for t...

I am a dual citizen with residency, tax home, investments and everything in Canada. My only tie to USA is my citizenship. I file both US and CDN tax returns however my taxes are paid in Canada and for the many years (since around 1989 when i worked in USA for 1 year), my US tax has allways been 0. F...

I am a dual citizen with residency in Canada. I file both US and CDN tax returns however my taxes are paid in Canada, and my US tax works out to 0 in the end. I have mutual fund in which i automatically re-invest the dividends in the same fund. Most of these dividends are shown as capital gains on t...

I am just preparing my 8891 forms as I have done last year for my canadian RRSP. I live in canada and that is my tax home, but i am a dual citizen. In 2005 I had 3 RRSP at 3 canadian banks. During 2006 i moved funds from one and merged them into another, leaving me with 2 RRSP at the end of 2006. I ...