Serbinski Accounting Firms

Sorry - one more question. The t4036 form seems to indicate that, if the election is made successfully, the home can be designated as my principal residence for up to 4 years prior to reoccupying it. If so, then I would be on the hook for only the three years from 2006 to 2009. Is this an accurate i...

Thanks for the response. The other option would of course be to sell the house and discharge the liability now. However, I agree that spreading it over the lifetime of the home would likely be better. If I were to try to make the election, what would be the chances of success and what would be the b...

Hello: I am a Canadian citizen who has been working in the US for about 7 years and have just returned to Canada. My Canadian residence was rented during my absence and I am planning to reoccupy it later this year. However, it now appears that I may face a capital gains tax liability if I reoccupy t...

[quote="nelsona"]Good job. Does that help your case?[/quote] Nelsona: I am only saying that the forum description seems to imply that the forum is intended to answer US and Canadian tax questions in general and is not restricted to cross border issues only. I am not interested in an online...

Hello: I actually thought about the same question before posting, and decided to go ahead only after reading the forum description, which states: "This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating work...

Hello: I am in the process of completing my 2012 tax returns and have noticed that line 19 of form 6251 is an adjustment item for the difference between the Passive Activity Losses or Gains (PAL) computed on the regular tax basis and the AMT basis. I have completed form 8582 to compute the regular t...

Thanks for the quick response. Schedule B was not filed previously, so I will go ahead and file the 8891 forms with a 1040X form only. I will also assume that, based on my circumstances, I can ignore forms 3520/3520A as well as the need to file for 2006. I also plan to file the 2007 8891s with an el...

Hello: Like many others on this board, I am a Canadian citizen who has resided and worked in the US since 2006, but has only just discovered the FBAR and form 8891 filing requirements and am working to rectify the situation as soon as possible. The financial accounts to be disclosed are two RRSP acc...

Thanks for your assistance.

Thanks for the quick response. The net income in 2007 (as well as the projected 2008 net income) is zero before allowing for Canadian depreciation, so I have decided to defer using the depreciation in the Canadian 216 return until it is needed, as my understanding is that Canadian tax law allows thi...

I moved to the US from Canada about 18 months ago and am about to file a 1040 US tax return. I am no longer eligible to be treated as a non resident for US tax purposes, and so must declare my worldwide income (not just US income). I have a Canadian rental property (my former residence in Canada) an...