Search found 25 matches
- Wed Aug 08, 2018 4:34 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Best tax strategy for inheriting a house
- Replies: 6
- Views: 2915
Re: Best tax strategy for inheriting a house
Hi nelsona, Thank you for the reply. I guess I wasn't thinking about taking the money right away as I wasn't sure whether there were any tax/inheritance/gift/etc implications. In other words, what is the best strategy to follow. If my mother sells the house and goes into an assisted living residence...
- Wed Aug 08, 2018 10:05 am
- Forum: Canada / United States Tax & Accounting
- Topic: Best tax strategy for inheriting a house
- Replies: 6
- Views: 2915
Re: Best tax strategy for inheriting a house
Hi nelsona, What if my mother had to move into an assisted care facility and thus sell the home to fund that? Given the exact same setup as described in the first post in this thread, what would be the best strategy for my brother and I to receive the remaining proceeds from my mothers home upon her...
- Mon Apr 30, 2018 1:41 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Best tax strategy for inheriting a house
- Replies: 6
- Views: 2915
- Mon Apr 30, 2018 10:15 am
- Forum: Canada / United States Tax & Accounting
- Topic: Best tax strategy for inheriting a house
- Replies: 6
- Views: 2915
Best tax strategy for inheriting a house
Hi, My mother is giving her house to my brother and I via her will upon passing. It will be a 50/50 split between the two of us. Both my mother and brother are Canadian citizens with no U.S. ties. My mother lives in Ontario. I am a Canada/U.S. citizen living in the U.S. and non-resident for tax purp...
- Mon Sep 04, 2017 1:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Dual citizen inheriting half of residence
- Replies: 1
- Views: 1752
Dual citizen inheriting half of residence
Hi, 1. I am a dual Canada/U.S. citizen residing in Florida. I am non-resident for Canadian tax purposes. 2. My brother and mother are Canadian citizens living in Canada. 3. My mother is going to leave her house to my brother and I, divided 50/50. 4. We would like to keep the house, even if we each o...
- Mon Jun 01, 2015 3:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR Debit Card confusion
- Replies: 2
- Views: 2353
- Mon Jun 01, 2015 3:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FBAR Debit Card confusion
- Replies: 2
- Views: 2353
FBAR Debit Card confusion
Hi, So as a U.S. resident I have a Canadian Bank account that has a debit card attached to it. Naturally, the bank account has an account number, also, the debit card has a credit card style number printed on it. So on the FBAR, I report the Canadian Bank account number. But what about the debit car...
- Tue May 12, 2015 10:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: FinCEN and line of credit / mortgage
- Replies: 4
- Views: 3723
- Thu Mar 22, 2012 9:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Going to US for work on TN Visa: Resident or Non-resident?
- Replies: 5
- Views: 5127
Naveg, here is my advice. Make an appointment with the Serbinski firm and pay them to do your Canadian, U.S. and California tax returns if and when you go. If you live near Toronto then it's simple to go visit with them. As a dual Canada/U.S. citizen living in Florida for over 20 years now, let me t...
- Sat Mar 17, 2012 10:50 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Form 8938
- Replies: 0
- Views: 1618
Form 8938
Hi, I've read the instructions for form 8938 and believe I already know the answer, but just want to be certain. Each year I file the FBAR where I list my foreign accounts as well as my mothers over which I have bank power of attorney. i.e. signature authority Form 8938 is only interested in my fore...
- Tue May 18, 2010 2:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Gift of money from parents
- Replies: 2
- Views: 2442
- Tue May 18, 2010 9:32 am
- Forum: Canada / United States Tax & Accounting
- Topic: Gift of money from parents
- Replies: 2
- Views: 2442
Gift of money from parents
Hi, I am a dual Canada/US citizen living in Florida with no residential ties to Canada. My parents are Canadian citizens living in Ontario. My parents want to give me $30,000 from a regular bank account. Are there any tax concerns for my parents or myself for this gift? Are there any forms that my p...
- Tue Mar 16, 2010 6:56 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax related to inheritance
- Replies: 4
- Views: 3578
- Mon Mar 15, 2010 10:43 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax related to inheritance
- Replies: 4
- Views: 3578
- Sun Mar 14, 2010 4:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax related to inheritance
- Replies: 4
- Views: 3578
Tax related to inheritance
Hi, I am a dual Canada/US citizen living in the US. I am non-resident in Canada for tax purposes. Just wondering what my tax implications will be when my parents pass away and I inherit my share. There is a house that my brother and I will split equally, and likely sell. There are some RRIF's and/or...